I liked Cutthroat Island as well. I agree that the version Treasure Island with Heston is truest to the novel.
A very good one indeed! Hammer also put out another called Pirates of Blood River where Christopher Lee plays another pirate(with eyepatch and bandana, and a French accent). The plot's similar to The Devil-Ship Pirates in that Christopher Lee and his band of miscreants take over a town and cause all kinds of heck. I didn't think it was nearly as good as The Devil-Ship Pirates.
I'm not sure it counts as a pirate flick, but I'd like to add Hook to the list. It got bashed by critics for completely deviating from the book, but still an enjoyable film. Dustin Hoffman did a great job as Captain Hook.