Overall I think it's a pure Saturday matinee fun-fest. It has some really exhillarating moments, stand-out special effects (which were criminally overlooked in the following year's Oscar's ceremony) and a genuine sense of innocence. The Phantom Menace upholds the tradition of good stories well told. I thought it back in '99 and still believe this to be the case now.
However, I think scenes in the Senate and Jedi Council are mind-numbingly boring to the age group at which the film was made. Too many moments like these make the film drag a bit in places.