I recently watched this for the second time, many years after my initial viewing. I confess I didn't always give it my full attention, not just because I had seen it once but also because the plot isn't very subtle, and careful viewing isn't necessary. The dialogue is realistic and well done, but the characters seem a bit stereotypical. You have the grizzled captain whose skills and luck seem to be in decline, a gentle giant with an ex-wife and a kid, a young man desperately in love, the newcomer ready to pick a fight with one of the above and a ladies man who I think was creole, but I am not sure.
So the plot bumps along and the special effects of huge waves and wind works to build suspense, only partly successfully. There are subplots also: the meteorologists with their eyes widening as the perfect storm develops, a yacht crew of three and the Coast Guard rescuers who try to save them, and a female ship captain who in real life wrote the book all this is based on.
The film is entertaining enough, in its undemanding way, but I can safely say I don’t expect to watch it for a third time. There were a few cliche moments and moments of melodrama. But it is watchable, especially if it is your first time.