The title says it all. There's mutiny abound and to make sure the audience understands why, the ship's captain is one of the more grotesque characters I've seen in quite a while. If you love someone shouting every line for most of the 2-hour runtime, you will certainly dig this film.
A ship is going to Tahiti for trade. They need a crew, but the only ones willing to board are sailors unaware of Captain Bligh's strict reputation. On their way back, the crew is completely fed up with Bligh's unreasonable behavior and they plan a mutiny, knowing full well they'll have to explain themselves once back on land.
For an adventure flick it's very heavy on dialogues (then again, it's a 30s film), the performances aren't very good and the runtime is excessive. What remains are annoying characters I didn't care for at all. At least the Tahiti segment has some minor exotic appeal, but that's about it I'm afraid.