After reading the introduction of this book, I was under the impression that it was about a mutiny. Therefore, my perspective was a bit skewed going in. So as a warning to future readers, this is not about a mutiny. It does not detail a mutiny. In fact, a mutiny does not happen at all. There is a rumor of a mutiny. That is it.
Now that we've gotten that out of the way- This book was okay. It was written in an interesting way in that the narrator is not completely omniscient and some of the narration is just speculation. Plot-wise, I don't think much really happened. It was very slow-paced and more about morality than telling an actual story.
While the character of Billy Budd appeared likeable, he didn't really do or say very much, therefore it was hard to really see him as a character. This goes for most of the people in the book. They didn't feel very fleshed out and their stories were not told in a very active way, which made the book a little dull.
This book is really focused on philosophy and morality. With that in mind, it presents an interesting dilemma, but not a very interesting story. I think it is a good commentary on society and various moral issues, but is not a very interesting read.