I think that my main reaction is... why isn't this an 8-bit reboot of FF or Ultima for the wandering screens? ;-)
I'm mostly enjoying myself... I feel like the sailing thing gets in the way, making up too large a part of the game, but at least it is different. It doesn't help that there are so many bounties and locations spread around that it is sometimes annoying to get to everything (while dodging pirates).
I don't get the complaints about the setting. It is nice to have a RPG outside of northern Europe, and it is unique. The hint is in the whole role playing thing. It isn't quite my *favorite* setting, but nice to visit somewhere new nonetheless.
Also, WTB a bloody imbued spear.