You can't expect an MMO to look anywhere near on par with a AAA game, due to the fact that it takes a hell of a lot more power to run an MMO on any system than it does to run a singleplayer/co-op game. But you're comparing it to a game that has pirate based combat in mind, to an MMO where you can't even get in water.

I did wish they'd add HD textures though, the textures in this game are just downright disgusting at points, could be called pixel art.