I just finished it, and it is awesome. Sure, the side quests can get repetitive, and the combat can be wobbly, but it has enough humor, character and story to redeem these flaws big time.
The story is good (with its fair share of oddities), but the real star in this game is the dialogue. Every character is excellently voiced, and every line of dialogue is written so it feels natural, and has been chucked full of humor at the same time. And this stretches into item descriptions as well, every item has been described humorously.
The visuals are amazing, the art style is simply amazing and the world is so accomplished. My only disappointment with the game is that despite the low tech graphics, the game has trouble maintaining a steady framerate when the action heats up and screen tearing is quite evident some times, a bit of a nuisance.
The gameplay isn't all that deep, with quests and enemy AI being closer to World of Warcraft than anything else, but I played through the game in one sitting and had blast all the way (took me about 12 hours I'd wager, with every side quest).
The game has you completing an old hero's quest log for him, killing demons to save them from an orphan and getting felt..I mean, buying felt...
Get this game, enjoy and have a laugh. It's a good one.
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Eubrick knows the secret of Monkey Island! 
