3.5 stars. A simple, straightforward libretto. The power rests in the Romantic imagery of the ghostly captain and his ship. The unfolding narrative is quite cheesy, but Wagner's evocative score lends itself to swarthy, gloomy images (think the artwork of Caspar David Friedrich) that provides a backdrop that can sustain the cheesiness, much like the atmosphere of a gothic novel can often save it from the overly melodramatic plot.
The problem is when this opera is so often performed in a “modern” context. As soon as we leave the realm of 19th century Romanticism by including avant garde staging and/or an “updated” setting (The Dutchman is an airline pilot! No...he haunts a tourist cruise ship!) then the opera loses all force and just becomes silly. In the immortal words of David St. Hubbins, "It's such a fine line between stupid and clever." And this opera lives in that space!