The Phantom Menace is a great movie! I really liked it. George Lucas hasn't lost his touch at all. If you haven't seen Episodes IV to VI, it's hard to understand. For most of us normal people, it won't be a problem. ;0)
The effects kicked you-know-what!!! Jar Jar Binks looked very real. I didn't think he was annoying, either. Have a sense of humor, people! The droids coming out of the ships looked awesome. I don't think they could've done what they did with the film without the CGI stuff.
The acting was really good, too. Jake Lloyd seemed a little stiff at first, but he got into it. Ewan McGregor and Liam Neeson were great, and so was Natalie Portman. I think the characters could have been developed a little more, but that's probably going to happen more in Episode II. I wish they'd done more with Darth Maul especially before he died.
The music, of course, was awesome. If they'd gotten someone besides John Williams, I think I would have committed suicide. Duel of Fates is the best song, in my opinion.
That's about it! I've got three words for you: go see it. Now. Don't just sit here turning into mush. Move your meat to that theater immediately! And don't stop till you get there!