This is the best movie in the trilogy, I think. The graphics are believable and it's just pure entertainment. Johnny Depp is very funny, and Knightly and Bloom play there roles well. Lots of violence, explosions, chases, etc. (Harry Potter sometimes shows bloody cuts on characters' faces and hands, but in this movie, I remember no blood whatsoever.)
The sequel is okay, but save yourself time and don't watch the 3rd.