Along with "The Thief of Bagdad, one of Reeves' best flicks. It has a great story, perfect casting, authentic locations, rousing action and pretty music score. Reeves' presence and the strong romantic theme add quite a bit of appeal to the genre. Check out the sword fight on Tortuga Island, a classic. The whole family will love this.
Having seen this flick at the Saturday matinée when I was an impressionable young lad, it's hard to imagine anyone duplicating this role in a more convincing way than Reeves, but someday perhaps Hollywood will revisit the story of Morgan the Pirate, it's certainly worthy of a remake, if they could find someone with half the presence of Reeves to play the role.