We're partying, we're drunk, we're upside down, we're sinking, we're dead.
In spite of my journal's title, Poseidon wasn't bad. Unlike X3 (which was pretty bad) I would say go ahead and watch it.  
If you've seen The Poseidon Adventure, you'll be seeing quite a few elements from it used. However, it is not - I repeat not - a straight remake of it. The elements are shifted and transposed in a fairly interesting way.  
Character development was a little lacking. But then again you can only do so much of that before the people who paid $10 to sit in a crowded room to watch your movie start getting antsy wondering when the ship's gonna flip over.  
A few points:  
• I never knew Richard Dreyfuss had that in him.  
• Kurt Russell is no Snake Plissken here, but he fit into the part well.  
• The number of skinny dark-haired girls is a little confusing, and none "accidentally" lose their shirt even.  
• Man, I can't wait for you to fall. Yay!  
• I'm leavin, on a jet plane... oh, sorry, I'm in the wrong movie.  
And if anyone thinks there's spoilers here, I didn't outright give away anything that isn't over 30 years old.