It might be a bit frightening for a two year old. Even my 11 year old covers her ears.
But I enjoy it. It's not a must do, but anytime I'm walking by and the wait time is under 20 min, I'll go in.
Yes - people walk out of it saying "that was it?", but I think it's because they don't know anything about it and from the outside it looks like something that would be more substantial.
The special effects are pretty cool ... Especially the hologram of Captain Jack on the deck of the ship...
If your a Jack Sparrow fan ... Make time for it.