George Lucas is a visionary and is one of THE most influential people in Hollywood. People give him shit for writing poor dialogue and altering scenes in his own movies, but they fail to mention that he founded ILM, Skywalker Sound, gives millions to charity, puts just about everything he earns back into the industry. I mean, without the money he invests in film, visual effects would not be what they are today, digital editing would not have been developed as quickly as it was and the concept of a summer blockbuster would not exist.
A-hem. Anyway, that's what I say to anybody who talks shit about Lucas.
But yeah Max, I agree, Phantom Menace gets better with age. The political stuff, which went over my head in '99 makes perfect sense to me now and really doesn't take up as much of the movie as I thought. What confuses me are people who say politics have no place in Star Wars. What the hell? I mean, the title itself has the word "Wars" which by definition is a political conflict. Plus, fans always knew the prequels would chart the creation of the empire and the fall of the republic. A New Hope speaks about both the empire and the fall of the republic. So of course, politics would have to come into play in the prequels. It may not be exciting politics at first, taxation and blockades, but those a smokescreen for the bigger problems to come: the Sith and the Clone Wars.
Really, if it were a drama, it would fail based on the acting and writing, but it's not a drama, it's a space adventure, so the downsides really don't take away from the action. In fact, TPM has some of the best action in the prequels IMO.