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As for updates, I don't think there's been any in many years.
However if the game is worth it? That is very subjective. I like it and think it is but that is because it appeals to my gameplay style.
Graphics are ok, taking into its age. You can certainly find prettier aesthetics in other newer games.
Storyline is ok, also taking into account its age, Again you can get better stories from other more current games out there.
Gameplay is good, again taking into account its age. Most modern sandbox games are bigger and more varied in gameplay.
Cost - I have no idea. I bought it so long ago I would have to dig really deep to find out what I paid for it and compare that to what games are priced as for similar games.
The Game does a few things really well and centres around those rather than trying to do everything and failing at every turn.
It still has bugs which have been worked around by players and shared those work arounds in the discussions.
Over all I feel it is a good game for it's age and what it is trying to do.
I had this game open and was wondering if i want to download it since ive been cake-walking SMP. But, yes, answering my own question this game is still worth it.
Compared to Patrician IV (which is basically a sister game to PR3) it is easier and more forgiving. There are some annoyances though. In battle you cannot issue orders to the individual AI ships, only group orders. Meaning, if a ship that is close to sinking you can't order it to avoid combat while you and the other ship fight. Combat is also much harder than Patrician IV.
The storyline is pretty good though Free Play is where I spend 90% of my time.
The late game has a lot of potential with PR3. You can basically start your own country, raise a navy, go to war with the other countries and capture towns, In my current game I am rated as being "Stronger" than France and Holland due to the number of combat vessels I have.