A disney flop
Which isn't to say it didn't make money: the third Pirates film made money.
I suspect having watched the film that the main problem is with the casting. Miley Cyrus can't convey anything other than a smug self-satisfaction in herself and is devoid of any tangible ability, and Travolta sleep-walks though the film. I'm sure he had a mighty paycheck.
Also, the animation didn't seem well finished, particularly when compared to something like Toy Story.
But I suppose a significant reason is that the story doesn't draw you in, it just seem to linger, giving to actors a greater opportunity to wind you up.
Poor. But ideal for shallow, celebrity obsessed teenagers.