When the first season of Black Sails began, I wasn't all that impressed. Sure, there were boobs and bushes aplenty with a fair amount of wit but the whole pirate treasure set up was incredibly underwhelming and it didn't help that it felt like we were stuck at Nassau for years. It wasn't until the last 3 episodes that the show actually picked up and the characters (other than Flint) started becoming developed. This is possibly due to how many characters were killed off; if finally felt like we weren't bouncing around from person to person aimlessly.
As far as what remained consistently good throughout the season, Hannah New's performance as Madame Guthrie is the standout of the season. From her introduction to her last scene, she was a believable tyrant of commerce and it completely believable that all on the islands would fear and resent her. She is also the character with the most significant changes this season. Vane, too, was enjoyable the times he was actually around, although Zach McGowan will always be Jodi to me.
It is strange that this show began airing not long after Black Flag came out. Featuring many of the same characters, it has been interesting to see which portrayals I prefer more. Even though ACIV has more likable portrayals of Anne Bonny and Vane, I like Black Sails' more hostile takes as well. And this version of Jack Rackham is infinitely better (I can actually believe Bonny would want anything to do with him).
I hope with next season, the writers pick up the pace with the narrative. The boobs and dicks are fun to watch and all, but they aren't a good way to distract the audience from a narrative that is stalling out.