Even though it's not the best Star Wars movie I believe it's not the worst nor a poor movie.
Yes, Jar Jar Binks is annoying. Yes, Jake Lloyd doesn't deliver. But we're forgetting the acting of other people like Liam Neeson (who I think is amazing), Ewan McGregor (who gives a convincing Obi-Wan), Ian McDiarmid and so on.
I could argue about this for hours but my point is that The Phantom Menace doesn't live up to the originals but that it's still a film that's worth watching for any Star Wars fan.