Personally, I first say the Phantom Menace when I was around 5 and at the time I lenjoy it. Now I hate it, and to me, that's the central problem; The original series, for all its goofiness, is enjoyable to multiple audiences. Kids can like the fact that Yoda is a hilarious little muppet and Chewbacca is just so darned cuddly, and older audiences can enjoy stuff like Darth Vader's redemptive storyline and the fact that Han Solo is the cool as a cucumber scoundrel that we all wish we could be. By contrast, the Phantom Menace doesn't really have any of that, it's always struck me as purely a kids movie, which dooms its ability to be remembered as a truly great movie because its audience will grow out of it. And that's why the Phantom Menace is my least favorite Star Wars movie.
MovieBob's point about Episode 2 is quite valid, but I do still prefer it to Ep. 1 because at least it helps to set up the mythology of the later films and introduces a large scale conflict. While considering the movies at length a few months ago I was struck by the fact that Episode 1 is almost completely superfluous, there is very little in it that couldn't have been weaved into the dialogue and backstory of Episode 2 easily.
Anyway, my position on the whole affair is that the prequel movie were full of cool ideas; Darth Maul, Count Dooku, General Grievous, Jango Fett, Qui-Gon Jinn (Am I spelling the name right? I'm too lazy to check.) that were never really implemented well.
Also: It still totally sucks that we have to wait through the three prequel movies before we get to the Star Wars movies that people actually liked.
And does anyone else want to see an episode of The Big Picture where Bob weighs in on the issue of George Lucas' constant tweaking of the movies? I mean, Bob will of course disagree with everything that we hold dear, but it is always interesting to here a well reasoned argument that you don't agree with.