What you see now is what Lucas sees as ANH, ESB and ROTJ. He may tinker with them more, he may not. The LOTR books were re-written a few times. He has the ability to make the changes through advances in technology. That in it of itself is a marvel of modern film making.
As for the the Prequel films. A good majority of people that were from the age of 7 - 16 when the Phantom Menace came out loved the film and have loved the prequels. A new generation of Star Wars fans has been born, and they actually enjoy the PT.
If they didn't, TPM wouldn't have made what it did. Neither would the other two PT films. If they weren't enjoyed, people wouldn't have continued to go back.