I loved it!
Sure, there's a couple of soggy "political" moments, and the kiddie friendly Jake and Jar Jar, but that aside it's still chock full of some of the best Star Wars goodness there is. It has perhaps the best soundtrack out of the lot of them, and without a shadow of a doubt the best sabre duels in the entire series. Liam Neeson is fantastic as a Jedi master. He's everything I would have wanted for the part. The pod race is amazing as has already been said, and Darth Maul....well he's just the best screen baddie ever isn't he?
I loved the homages to Flash Gordon and Forbidden Planet in the film. I love the opening scene when the Droideka attack the Jedi. I loved finally seeing how Jedi brush aside laser blasts with their light sabres. I loved seeing the beginning of the Emperor's evil plans, even though I knew how it would all play out. I honestly loved the whole thing at a level where the kiddie friendly stuff just couldn't ruin the fun for me.
It definitely gives more than it takes away. I loved it (you might have guessed), but many just don't see past the kiddie stuff. Shame.