Actually, at least some people think the acting in Pirates of the Caribbean is exceptional. Almost all of the main actors have recieved acting nominations or awards of some kind. Depp is up for a Golden Globe and there are rumors of an oscar nod.
From my perspective, Depp does a great job of playing a mostly drunk and insane person. Yes he does seem a little gay, but then again alot of men seem gay when they get hammered. And the fact that the movies shows off that they are very aware of Depp's strange character makes it all the more enjoyable.
However, I think what makes Pirates so good is the fact that most people were expecting it to be pretty bad when if first came out. It is based on an old theme ride. Yet, surprisingly it's a fairly well done flick.
And if you aren't sure what to think about Keira Knightly, then watch Bend It Like Beckham. She gets to show more personality in Bend It than Pirates. It is intersting to watch Knightly play soccor because she is so thin you expect her legs to just snap.