Pirates of the Carribean 1 was definitely good clean fun. It felt just like a ride through the theme park. I haven't ridden the Pirates ride since I was thirteen (gads, that was soooo long ago...), but I had fun spotting the scenes that came from the ride.
Overhyped? I guess it's a matter of opinion... being overhyped isn't a problem with the film itself, just the audience.
2&3 were just a drawn out, torturous, exploitation of the franchise. It takes them nearly six hours to tell their gruesome tale.
The second movie was barely acceptable... up to the point where they make you sit through about half an hour of nothing happening to find out that you'll have to wait till number three to see the ending (I felt like throwing my leftovers at the screen).
The third movie? Utter rubbish, from start to end. The double-crosses, triple-crosses and utterly predictable double-triple crosses inserted in the 3rd installment alone took up nearly two hours of screen time, the rest taken up by "Little Miss Pirate King" and "Jack in La-La Land". What a terrific way to kill a franchise.