SPOILERS, OF COURSE
I don't know what you guys were talking about. That waterwheel scene was the best swordfighting scene I've ever seen (someone'll probably mention a better one and I'll be like "Oh, OK, second best" or something, but seriously, folks, that was amazingly done). It was almost better than lightsaber scenes in Star Wars movies. I thought as far as the movie's feel went that scene was perfect and then some. Talk about entertainment!
The only bit I rolled my eyes at was the fact that after the kraken's attack on the Black Pearl the only people who survived were exactly the same pirates as had been there all along. Part of what I like so much about the series is the lots-of-different-pirate-characters thing and that doesn't work if you see the same ones all the time because the rest are dying before anyone gets any knowledge of what they're like.
Oh, and that guy with the hermit crab head was the weirdest mix of creepy and awesome I've ever seen.