Well, I was 13 at the time. I was extremely excited for the film - as was everybody - but my first reaction walking out of the theater was, "Well... that was okay, I guess." I definitely enjoyed the lightsaber fights, and that's pretty much the only reason I went to see it 2 more times afterwards - to re-watch the lightsaber duels. lol.
I've probably only watched it a couple times since the theater, and I have no desire to watch it again. The only bright spots of that film are Neeson - who did the best with what little he was given - and the music. And the cheesy Playstation game is a guilty pleasure of mine. I will give it credit for the overall look of the film - it probably looks the best out of the three movies, because it seems to have used the most amount of actual, built sets. So it doesn't look as awful and fake as the other two movies.
However, that's pretty much it. I agree with everyone else - whenever I think of TPM, I just think of one GIANT missed opportunity. That, and the memories of all the hype surrounding it's release.