I was one of the only people in the world who did not see "The Phantom Menace" in theaters, and instead waited until it came out on video and all the hype had died down. Perhaps this was why I did not see it as a monumental disappointment, since I didn't watch it believing it was going to be the best movie of the year. This is one of the most bashed films of modern times, and I don't think it deserves all of its negative publicity. Ironically, for how bad everyone says it is, Lucas still got what he wanted out of the movie- it's still the highest grossing post-"Titanic" film (though "Shrek 2" is closing fast, and "Spider-Man 2" may reach it also), and was the third-highest grossing film of the 1990's when adjusted for inflation.
I see "The Phantom Menace" as simply an entertaining adventure. It has a criminally slow first half, but some of the scenes in its second half are truly spectacular, such as the pod race and the Darth Maul fight. Everyone says how bad the acting is, but I found most of the actors passable- only Jake Lloyd as Anakin Skywalker irritated me. The special effects are incredible for the most part, and the final space battle leaves you breathless.
Of course, "The Phantom Menace" is not a great movie by any means. Darth Maul was criminally underdeveloped, and the Trade Federation bad guys were dull and lifeless. Whenever Jake Lloyd appeared on the screen, I wondered if I was watching a dumb kids movie. Overall, "The Phantom Menace" simply cannot compare with "The Empire Strikes Back". Then, of course, there's the immortal Jar Jar Binks. If Episode III has a chance of being as successful as the original "Star Wars" films, it will feature Jar Jar's slow and painful death, perhaps replayed over and over again in a flashback.
In the end, "The Phantom Menace" is just a couple hours of good entertainment, neither as bad nor as good as many claim it is. I actually slightly prefer "The Phantom Menace" to "Attack of the Clones", which was boring and too serious for its own good. However, there may be some nostalglia factor there- I miss the days of 1999, when everything was going great and the world had nothing better to do than freak out over the new "Star Wars" movie.