The second time I saw TPM I enjoyed aspects of it, it was still a bad film but I was less bewildered by how awful most it was.
I could salvage some some enjoyment from the design and Ian's performance as Palpatine, from the pod race, the saber duel and the score.
It was a very similar experience to watching ROTJ for me only less lively and lacking the emotional investment in the characters earned from two previous good films.
The first time I watched AOTC and ROTS they felt more like Star Wars than TPM (because of the superficial design similarities mostly) but on further viewings became more and more awful and less and less like Star Wars.