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I can make a stab at that, having had the opportunity to try my hand at both of them.
Last year I was invited to attend a Pirates of the Caribbean Online pre-launch media event, meet the devs and try out the game. The devs were an enthusiastic crew, and it was a pleasure to talk with them. One of them explained to me that PotCO was specifically aimed at the 7 to 14 year-old age group, as the next step up from Toontown. For instance, he pointed out that players are not allowed to use pistols against other players (as Disney had insisted on that). They were particularly proud of their character generation system (aye, it was fun) and avatar fighting. The main emphasis was/is on family-style entertainment. Looking around at the mainly male adult crowd having a go at it (and trying it myself), I had to agree that it seemed quite fun and was appealing to a broader age group than originally intended.
On the other hand, I'd been following Pirates of the Burning Sea's development for several years prior to this past January's launch day. While the two games do share some elements (like ships and pirates and such), what drew me inexorably into PotBS's world was the rather mature community and attention to historical detail...not to mention the ships - omigods, the ships! The User Content submission system (for ships, flags and sails) that FLS initiated has prompted some stunning additions to the game's world. Such beauty...and then you have Flying Lab Software, which boasts the most incredibly responsive, devoted and energetic group of developers whom I have ever had the pleasure to deal with.
By my lights, a simple comparison of the two would boil down to this: Pirates of the Caribbean Online is a more just-for-fun cartoony world (which also has cameos from Elizabeth Swann, Jack Sparrow and so forth), while Pirates of the Burning Sea is more appealing to serious, older gamers who enjoy the intricacies of an historically-based, PvP-oriented genre.
To put it in simple terms, PoTCO is geared to kids that is a Pirate Game. Pirates of the urning Sea is a game with Pirates...and Navy and Privateers. You don't have to be a pirate. You could be a merchant or a naval officer or a privateer. You have options.
My son played PotCO for three days...I have to say it was interesting for him, but gag-me sick as an adult.