Episode I was not great, but I don't totally understand all the bad press it gets. Now, granted, Jar Jar and the Gungans were a serious stroke of stupidity on Lucas' part, and they all deserve to be shot multiple times in their CG animated heads. And little Anakin Skywalker did bring to mind thoughts of a young Wesley Crusher. But it still was not a bad movie overall. Episode II was actually, in my mind, much better for many reasons, starting with these two: Very much less Jar Jar, and a grown up Anakin. Granted, he was still a whiny petulant brat, and Hayden Christiansen isn't the best actor in the world, but he portrayed Anakin very well. On top of that, there was lots of action, an improved story, lightsabers, and stormtrooper-predecessors. All good elements of Star Wars storytelling.
I'm actually really looking forward to Episode III, myself.