Obviously, the first time I saw Episode I, it helped that I had a pre-existing knowledge of Star Wars. Given all that, when I looked at it a second time, I still thought it was a good film that clearly had more to tell in the sequel, even if it were Star Wars or not.
How would Episode I faired if it remained the way it was and was released on the same day back in 1977? I think it would've done gangbusters just the same. Our generation will never know. But, I do know that Episode I is much better than the crap Hollywood throws out every weekend.
It's no masterpiece but it's not the worst of the worst. It's inventive in places. It still has one of the best one and one fights I've ever seen in film. The reveal of Coruscant still gives me goosebumps. The podrace still kicks all kinds of ass. And it is also the film I discovered the lovely Natalie Portman. You especially can't go wrong in that department.
For me, Episode I is just really fun...with or without the Star Wars name. It kind of reminds me of Willow, a film that I still like. I don't know what you guys think about that particular film but that film still works wonders on me.