This would make a great "horror" movie for kids. There is very little gore, but plenty of cheap scares as the eponymous Fog provides a suitably creepy cover for the pirate ghosts to stalk and strike out at our protagonists.
Unfortunately, teens and grown-ups will likely be left wanting because the plot is waaay too simple (it's all laid out in two expository scenes near the beginning). Worse, the characters are absolutely devoid of any sort of compelling backstories, arcs, traits, hidden or overt agendas, or anything else that might lead the viewer to care one way or another if they live or die.
The DVD transfer is pretty bad, too. Most of the time the picture is grainy and colors washed out. The surround sound mix wasn't notable either; nothing would be lost by watching it on a standard two-speaker setup.
Buy this if you're a John Carpenter completist, otherwise check out Carpenter's remake of The Thing instead.
5/10