Yup. Yup. Try it. Lots of fun. It helps to sit in on a demo, if you can, to have an experienced player walk through the game sequence with you. But you can figure it out from the book quite well, too. It also helps if you're familiar with other RFCM games' pre-game machinations. These add to the fun, but folks familiar with "normal" games ain't used to them.
One neat thing is that there are completely different rules for naval actions and shore raids (the latter being rather like mini-Square Bashing rules). If you don't have a whole evening to spend on a "campaign", you can just play a quick sea battle or shore raid by itself. I like these rules.
Don't need to use Peter Pig ship models either, although I like 'em a lot. Could play it with 1:1200 ships, or even with those inexpensive plastic models (Golden Hind, Santa Maria, etc.) many of us collected when kids--and still have!
For the land battles, a lot of other 15-mm figure lines complement Peter Pig's range: Grumpy's pirates (from Eureka); Minifig corsairs; Essex late 17th c. regulars. Even P. Pig's new ECW, as well as everyone else's. You can even use 25-mm figures, too, and put those Foundry, Eureka, and OG figures to use.
Did I mention I like these rules?
Allen