We went (2 adults, no kids, 1 of said adults, the one who happens not to be me, loves pirates and wishes he was one...) last Feb 2004.
I loved it. It's interactive fun and it can be a good time if you like that kind of thing! Chris and I both got picked to go up and do things.
The story itself is a musical. The music is okay, the actors were good and it was a fun show. The set was really cool.
Each section of seating gets a color coordinated pirate to root for. They get all the children in the audience up at the end to play the British army (they dress them all in British coats and hats and give them toy muskets) who comes and surrounds the pirates. When we went, there was this adorable little girl who could barely hold up the musket and she looked SO proud of herself that she was getting the bad guys.

OMG, she was just about the most adorable child I have ever seen.
I don't think your kids are too old. They had kids of all ages up; and adults too. There is a brief pre-show and a post show pirate dance party.
The food was pretty decent. If you are looking for gourmet, you are not going to find it. It's very average. Not terrific, but certainly not bad. BE AWARE : THEY DO NOT SERVE DIET SODA. I found that to be a problem with this show and Medieval times. Their non alcholic drink menu is limited to water and regular soda and maybe Sprite. This was a big issue for me because I can not have that much sugar. I wound up drinking water. You can get diet soda at the bar during the pre-show but not during the show itself.
All in all, I thought it was fun and would go back if I ever stayed offsite with a car again.