Sorry for the Captain Blood Q&A - short answers and lots of "to be announced" stuff, but it was actually inevitable. To get things clearer, so the audience could imagine what is Captain Blood and what is Swashbucklers, I'll tell you a couple of things.
You shouldn't expect "pirate sim" thing from Captain Blood. The emphasis is made on action. We have naval battles that will remind you of Sea Dogs and POTC. But no freedom. It is like a mission in the sea. Go there and fight. Then you have a cutscene and move to another mission: naval or land mission. Pure action, strong arm of the plot (since everything's based on the book), no pirate life simulation. Adrenaline, battle frenzy, all that stuff. Few of the main points why the team decided to make this kind of project are: their love for Sabatini's works, a great passion to make an action title, and the idea to create boarding, which is a real massacre, and real fun.

Note, that Captain Blood also uses the newest modification of the STORM 2.0 engine. So the technology is absolutely unbelievable. The sea in Captain Blood is the most beautiful sea in the games ever. Plus detailed damage system. Check all this in motion - the video will be available soon.
Swashbucklers: Legacy of Drake is an action game too. And, first of all, it is the console title. The PlayStation 2 owners don't have pirate titles at all. Well, actually they have Pirates: The Legend of Black Kat.

Soon they'll have Swashbucklers. Technically, this game is of course weaker than Captain Blood. But only because we have to deal with PlayStation 2. The game simply can't be as detailed as the PC title, can't have the sea as beautiful as Blood's sea. It is impossible for technical reasons. But it still will look great. And that's excellent for the PS2 game.
The game's structure is alot like Blood's one. Mission based, `plod-driven` etc. But in a whole, Swashbucklers tastes different. First of all, if naval combat still feels alot like the POTC combat, land missions are more like... say, Devil May Cry.

The game also has unique aesthetics. Time period is XIX century. But it is not "our XIX century", it is more like what is often called "alternative history". We have XIX century ships, but at the same time it is the world, where piracy still exists. The main character is something like a mixture of a pirate and a cowboy.

The main goal - search for the Drake's gold. Absolutely unique experience. Trust me.

By the way, you got me a little bit wrong, when you said, that "it wont look like the screenshots". It would.

But Swashbucklers won't be as beautiful, as Captain Blood. Because it is mostly a PS2 game. The PC version will be strong, thanks to RenderWare tool, which allows to build the game for two platform simultaneously. But it is still mostly a PS2 title.
As for Akella's pirate sim game, you'll have. Perhaps, sooner than you even expect