I remember when we all saw previews of this ship some years back, and most of us were disappointed by the pics, exclaiming that it looked too preschoo-ish and lacked the realism of previeus ship sets. I tended to concur.
I have not brought myself to purchase this ship just yet, as it has taken me the past couple years alone to find the time to even work on my 3286 ship (customizing it into the Black Pearl), but I have had a chance to play with the display 4290 ship at the local Playmobil store.
I do think mostly the colours detract from it's overall aesthetic. I do like that it has more sails than previous ships, but it does seem so preschool-ish nonetheless.
Colours aside, it just seems to lack realistic detailing in lieu of gimmick-laiden features that are unrealistic compared to its real-life tallship counterparts. I mean, real ships don't have cannons that fold away on a pivot, nor a rotating figurehead. Real ships have cannon ports, and real rope rigging, and ornate detailing at the bow and stern. I miss that.
The 4290 does have a nice stern, IMO, and I am very happy to see a bell and a fence around the ship's helm. The plastic rigging can easily be replaced with the old-style rope rigging from an older add-on set or leftovers from previous ship sets, and as already proven, simply repainting the bugga can give it a whole new appeal. Out of 5 stars I would rate this at a 2.3.