I own all of the Star Wars DVDs except for one - The Phantom Menace . Even the weakest of the others have a certain charm, but TPM was stupid through and through. Even the title is stupid! I have yet to work out exactly what the titular menace actually was. Although the story includes several menaces, none of them seem particularly phantomastical. Unless the menace was supposed to be Palpatine's amazingly convoluted plan, but that plot point doesn't really bear fruit until the second film.
Anyway, I haven't given The Phantom Menace much thought since it first came out but this guy certainly has:
Even if you ignore the affectations of the reviewer, he has some pretty insightful points about how TPM fails as a movie.