It's difficult to say. The good parts of Ep. I are better than those of II-III, but the bad parts of Ep. I are worse than those of II-III. The overall plot is more mature, but the execution is less.

Overall, I have to say no. The bad parts are so bad that I cannot overlook them, thus relegating TPM to the position of my absolute least favourite SW movie. But I do see what you mean, and it's definitely a hard question to answer. Which of these three excrament sandwiches do you prefer? Ultimately, I'd rather have a sandwich that wasn't made of excrament in the first place. ;)