I got a pirate VHS of it about a week before it came out. A group of us got together and watched it. I remember as clear as day my flat mate saying "turn it off, it going to be good, I don't want to watch it". He meant he wanted to wait for the cinema...
Anyhow, he said it at the beginning, just before they landed on the planet and met Jar Jar. From that point on it got worse and worse. We watched to the end and were all depressed. Even our girlfriends who weren't particularly into Star Wars thought it was crap.
We then thought that maybe the pirate was a rough cut as it seemed unfinished. Very stilted etc. so we went to the cinema one afternoon and paid our money. It was no better.
I still think they're three of the worst films ever made, but in a weird way it's the best of the PT.