I still like it, but I haven't played in a few years. I do agree that Merchant of Venus is the better game, particularly from the standpoint of economic stuff. The big thing that M&M has going for it is all the little flavor touches. It's probably as close as well get to Sid Meier's Pirates in board game form.
I agree that the combat is a little too high-stakes and deadly. I've seen people recover from losing their ship to win, but the risk is probably too high, and the rules are probably too complicated.
Regarding being a somewhat bloated design, that's sort of true, but I reject the idea that every game needs to be as streamlined as it can be. Maybe that's true from a design standpoint, but experience counts for something, and I think the experience of Merchants & Marauders is top-shelf.
M&M was a terrible shelf toad in my house. Bought it. It gathered dust for some years. Sold it.
I'm not sure why I never got round to playing it. There just always seemed to be marginally more accessible or more interesting or more hyped games around to play instead.
I've now got Treasure Island, which is a totally different type of pirate game, but one that still fills the itch for rum and bones should it arise.
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