Even the original Star Wars is flawed. The intro of the characters is too drawn out. The jumping off point should be atleast 15 minutes earlier. Spending 7 or 8 minutes with the droids walking around the desert seems more like filler than good exposition.
The PT will face criticism as the viewers get older, sans 1 film. Revenge of the Sith is truly a great film. Say what you want about Lucas, his overuse of CGI(as some call it) or his cardboard acting, he shows the magic, the storytelling and the direction that had him at one time considered one of the best young directors of his time. Fans of the Star Wars series will, I feel, look at ROTS in the same vein as they do ANH and ESB. The more Lucas tweaks ROTJ, the more it will have a place with the 'new' Star Wars fans.
As far as LOTR, it sets the bar when it comes to adaptation. When it comes to film making, eh. The films are bloated, and it's almost ridiculous to think that other than fanboys, ANYONE is going to sit down and watch the films on a regular basis. They are great stories, don't get me wrong, but they also created probably the worst trend in Hollywood right now...the anti-climactic rolling endings. Keep throwing out various endings, various climax throughout the film and people will eat it up, I guess.
If the Star Wars universe is left to the PT fans, so be it. Worse things could happen of course. They will come to appreciate the films probably more than we have. They will see it as one giant arching storyline, watching characters like Boba Fett, Obi Wan, Anakin, Luke, Han and Leia grow up as the universe seems to swirl around them. They will pick the films up at the starting point, and will grow attached to each character in the traditional linear sense. As the grand tragedy of Anakin Skywalker unfolds, it will ring more true. When Luke is forced to fight his father, to them it will seem more conflicted rather than Luke coming off as weak.
The affinity of some towards characters like Jar-Jar will wane, and they will see it as over the top. Hopefully Lucas does fix this somewhat in subsequent releases. However, the PT fans will certainly be there in 35 years, I have no doubt in my mind. Just look at the popularity of the Clone Wars cartoons, not only with children, but with young to middle aged adults. It isn't because of nostalgia. It's a connection to these characters, similar to those people on here had towards Luke and Han, some of you Wicket (but I won't judge).
The feeling of 'emptyness' that is left now that there is no Star Wars film in the foreseable future is certainly disheartening to me, in particular. For all my life there have been rumors, and movements towards a Star Wars film 'coming'. For the last, what...7 years...I've been spoiled with the idea that there is still another piece to fill in the puzzle, another adventure in this series. How is Lucas going to tie it all up, what new characters, locales, weapons, spaceships and twists is he going to give us. Now? Time to grow up, I guess.