Just finished it... and wow, wat an amazing episode
CMI and EMI were both pretty light on heavy story developments, They didn't took that many risks with the characters. You really have balls (canonballs, that is. no innuendo here) for killing Guybrush. And not in a funny way (like the two times he 'died' in CMI), but by having him literally stabbed to death by LeChuck himself.
I also really didn't see Morgan's death coming (although there's probably more to it), the mood was very well done in that scene.
The ending cutscene had me on the edge of my seat, the final piece with LeChuck and Elaine clashing swords was awesome. I can't wait to see how this will end. And of course, I hope it won't end

...but with Dan Connors saying how TMI is your best selling title to date, I don't think "Rise of the Pirate God" is the last we'll see of the wonderful world of Monkey Island
Also, nice job on getting Earl Boen