Shakespeare's starting to do more than just string a few good lines together. Here he throws a bunch of shit against the wall (a pirate scene? sure, why not) and much of it sticks. Good tragic hero and a varied gallery of rogues, from merely fools to sociopaths. Only the king himself seems undercharacterized: it's the point that events overtake him and he's utterly unequipped to deal with them, but Shakespeare doesn't yet know how to express his interiority. Somehow I think he'll work it out.