Is this game worth it for a gamer who never got to play it back in the day? I've many great things about it but I don't know how many of those are based purely on nostalgia.

Sounds like freelancer.

Yes, actually Freelancer was considered the "spiritual successor" to Privateer. Privateer, though, is quite a bit more fun, and features a much more compelling and grittier atmosphere.

Freelancer is Privateer's grandson.

I bought a CD with WC:Privateer and Strike Commander last Christmas on eBay from the UK even after I finished Privateer from an abandonware site. I'm still tempted to pop $6 to get this one though.

I think Privateer is the pinnacle of the Space Sim RPG. Replaying it after a decade I first finished it didn't get old. I think it could have been better with more ships and upgrades but that's nickpicking.

Privateer and Freelancer had the same designer (I think it was Chris Roberts' brother). The Roberts brothers had to build a new world after the Roberts left Origin Systems and EA.

Given that everyone already replied in-detail, I'll just say this:
YES

Even without the expansion, the game is well worth it.

I'd never played Privateer prior to the GoG release, but I've heard nothing but good things about it. I really wanted to enjoy Freelancer but hate the way it drags you by the nose into plot missions. I really would like to love the X series but their lazy approach to combat and the glacial pace of the trading side keeps throwing stumbling blocks in my way.

So I jumped on Privateer the day it was released here on GoG and I haven't experienced a nanosecond of regret. It's a pure joy to play.

Well it should remind people of freelancer.. they were created by the same guy(s). Although I had hoped Freelancer would be more like Starlancer in gameplay.

Freelancer was a good game, but it was "dumbed down" from the more tradition space/flight sims like TIE Fighter or Wing Commander, to appeal to a more action-oriented audience. I was never particularly happy with the mouse controls/no true cockpit view of it.

I think the point has been well made here, but if you liked old-school flight sims, any of the Wing Commander, X series or the X-Wing/TIE Fighter games, then you'll love Privateer.

There is a plot in this game, but it certainly doesn't "lead you by the nose". You can easily play for dozens/hundreds of hours without touching the plot missions. Although you'll be missing out on some cool stuff if you do. :)

I gave up playing it after awhile. I got into the story and plot a bit but at the time my computer was too slow to run it. Were talking a Tandy 486 sx 33 mhz LOL. It came with a 120 megabyte hard drive!
I seriously wish we could see the X-wing Tie Fighter games either here or on Steam. The old school Mech Warrior games were great fun too. After all this time of advanced graphics and all that there is still room for pixel art!

I never played this when it was new, never had the interest for space games, but after a tip from a friend, I got it, and it's the best 6 bucks I've ever spent. I really enjoy this game, so my answer is yes. :)