The Pyrates is a parody of swashbuckling pirate tales like Treasure Island and Captain Blood but and especially of swashbuckling movies of the 30s and 40s. There are copious amount of anachronistic references to movies and actors (and some books) and tons of lampshading.
It does not transcend its parody, the way that the Princess Bride and the novels of Elizabeth Peters so. And it does seem awfully wordy and long at times. Still, I laughed aloud quite a number of times and had a great deal of fun with its word play.