I thought it was a pretty good game for a F2P. Not enough to keep me playing with so many other great titles out there though. Definitely worth a look though if you're strapped for cash, and you like sailing/exploring.
The exploring part was the most fun IMO, reminded me of doing 'TP runs' in Entropia. There should be more MMORPGs with exploration/discovery in them. Gives you something different to do when you feel like lowering the pace a little.