I thought the first half-hour was pretty dumb. Flat acting, video game action, mundane dialogue. I kept snickering and rolling my eyes (especially at all the droid comments. Dumb, dumb, dumb.) For the most part, most of the antics reminded me of various Keystone Kop scenarios. Overall, it was a real waste of time that could have been better spent developing the later scenes.
However, after Obi-wan's duel with Grevious, it seemed to me like the pacing changed. The cinematography improved, the acting got real, and everything just started....flowing (no pun intended.) I found myself riveted with what was going to happen next (despite my astounding spoiler knowledge.) Hell, I didn't even mind the time code.

For the most part, this section is what Star Wars was, is, and should be. I'm sure that if I went back and watched a few more times, I could pick it apart, but I have to say I really enjoyed watching the latter part of ROTS, despite my worst fears.
A few blemishes:
1) Anakin's turn. Too fast. No real emotion there.
2) Anakin and Obi-wan surfing the lava. WTF!?! That was so bad.
3) Padme dying of a broken heart. Weak.
4) Darth Vader's "Noooooo". Embarassing.
Other than that, I would definitely rewatch this (at least, the later part. I'll have to fast forward a bit, much as I do ROTJ. ANH and ESB I can watch end-to-end every day of the week.). The action actually went with the story, instead of becoming the story. I felt my chest heaving a little towards the end, and could definitely see where some people would get choked up. The music really started building up and carrying the movie, and I loved Palpatine. The duel between Palps and Yoda was much, much better (Palp's attitude certainly helped...LOL!)
And I loved the ending. I knew it would have to iris on Luke, since he is the "New Hope". That being said, I never got the impression that Obi-wan and Yoda considered Luke to be any kind of threat against Anakin, or any benefit to the Prophecy. (And what was up with Yoda saying he had to go into exile? What prompted that?)
Two things I would have loved to have seen:
1) Yoda and Dagobah in any way, shape or form.
2) Everyone say it with me: QUI-GON! What the F*** was Lucas thinking, cutting him out?!? (If you want to know my feelings on this, you can read it here. I don't really want to have to retype it all.)
Anyways, 75% of ROTS was fun and exciting and emotional, which is far more than I can say for TPM and AOTC combined. Not a bad way to end the middle, George.

At some point, however, I will have to take my 3-year-old daughter and 1-year-old son to "see" it in a theater, just for the sake of saying they saw a Star Wars film in the theater. (AOTC is the only film that I didn't see in the theater.) Although I don't remember watching ANH (I was 7), I do remember waiting in line for ESB, and the thrill of the speeder bikes and tunnel chase in ROTJ, and I'd like them to be able to say they were "there" for the last SW film.
And say what you want about taking my 1-year-old son, but my mom "insists" that I visited the Grand Canyon because she was pregant with me at the time.

[EDIT] Another way I knew I was enjoying the rest of ROTS - those damn transitions didn't seem so annoying. LOL!