Absolutely excellent. I loved this game. It reminded me of SId Meier's Pirates, for obvious reasons. The game had a fair balance in it, with benefits for using both war ships and merchant vessels. I also liked the idea of putting the more expensive shots into the battles, allowing players who focused on money to still retain an edge in combat, or giving combat oriented players a little extra power when they need it. I found the trading system to be very easy to use, and quite fun. I spent a far bit of my early game just trading, avoiding combat all together until the issue of war points came up, which is a good way to keep both aspects of the game necessary to the player. I played this game for four hours(ish), and didn't get sick of the music once, and the sound effects were all fitting as well.
On the downside, I found the progression slightly uneven. About two thirds through the game It seemed that war points were hard to come across, and without them I was unable to unlock better ships, which would in turn unlock better enemies. This wasn't a problem in the beginning or towards the end, however.
This game was very fun to play, and much more than I expected from a flash game. Although certainly imperfect, it met or exceeded every expectation I had for it. 5/5