Awful movie. I was confused most of the time I was not asleep. I was thinking I was confused precisely because I dozed off a few times (and was awaken by my husband, looking at me startled -- as in "are you going to review the movie or not?"), but more people (who I assume did not sleep) were also confused by the plot.
Here's the yahoo! description of the shitty story: "Will Turner (Orlando Bloom), Elizabeth Swann (Keira Knightley) are allied with Captain Barbossa (Geoffrey Rush) in a desperate quest to free Captain Jack Sparrow (Johnny Depp) from his mind-bending trap in Davy Jones' locker, while the terrifying ghost ship, The Flying Dutchman and Davy Jones, under the control of the East India Trading Company, wreaks havoc across the Seven Seas."
I guess you really need to have watched (and remember well) the previous installments. One thing the movie does deliver, though. The special effects, especially the open sea battle scenes, are awesome, I must admit -- so if that's all your after, you will probably enjoy At World's End.
Even though Johny Depp's Captain Sparrow is sounding gayer than ever, there's no gay content in this installment.