I just saw episode IV again on cable the other night, and man, despite the new (horrible) Han/Greedo/Jabba scenes it is still amazingly edgy and kick butt!
Episode 1, by comparrison, is simply rediculous - tho the actual pod race was pretty effective.
Now Episode 2 I didn't find half bad - especially the IMAX cut of it.
Sure there was some wooden acting and dialog, but it is highly watchable, and much much more interesting than Episode 1.
The IMAX version wisely cut the extraneous Jar Jar and over done "Romance" scenes, and really hightened the special effects (like Fett's Sonic bomb's)...
If Lucas can get a little Darker and Edgier in Episode III I think I'll be able to be satisfied with the new trilogy.
Nothing will beat Vader saying "I am your Father" right after dicing Luke's hand off tho - that was pure movie magic!