Yup: turns out to be utterly terrible. The first hour is pretty good, actually, with some amusing piratical dialogue and pantomime-dame shenanigans from Matthau; the costumes are great if you like that sort of thing; it's pleasingly amoral and chaotic. All goes downhill at the first plot twist, though, loses all sense of pace and direction, and finally loses its sense of humour, too. Has some of Polanski's old-skool cool posing in places, but the whole hangs together like a pair of elastic-necked cattle-hustling siamese twins in a zero-gravity orbit: badly. The ending I thought was ok: returning us to the beginning, with our protagonists adrift again on the high seas, alone. What would their next caper bring, we should wonder hilariously. We don't, though. We just slide in Captain Blood or Pirates of the Caribbean, and carry on. Shame, really, and I can see why people get nostalgic and optimistic about this unlucky stinker.
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