I just got home from seeing it today.
The first hour? or so was fairly dull IMHO. About the point where Anakin and Padme get to Tatooine it finally started to gain more of my interest, but I didn't get truly entrapped in the story until they went to rescue Obi-Wan.
I liked the detective work Obi-Wan was doing and finding stuff out about Jango and the clones, but the "Dawson's Creek" episode intermixed in there I could have done without. I just didn't 'feel' it. The dialogue was akward and it was sometimes painful to watch. However I understand that their budding romance was important to show and for it to happen, but it didn't feel right.
I did like Hayden's "evil" look. I truly believed he was slipping to the dark side, and when he and Padme were talking about how the senate should be run it gave me shivers to hear him say that it should be a dictatorship. Even if now he has good intentions for all peoples, but it's creepy to think what he will become.
I loved Yoda. I also got kinda creeped out to see him ride in with the Stormtroopers. It kinda messes with your head to see the stormtroopers, and the star destroyers at the end as part of the Republic, knowing that they will be used for the empire. But when Yoda came around the corner after Obi and Anakin were down I sat up and took notice. The lightsaber battle was kinda odd, and I found myself wondering if I was watching Kermit the Frog, or Yoda. But the non-lightsaber stuff showed jsut how powerful Yoda was, and the fact that everyone was deferring to him during the whole movie.
It feels all too fitting that Jar-Jar was the one to give the Emperor his power over the senate. An innocent bumbling character with nothing but good intentions paved the way for the Empire to take control. So there was a reason for him to have been such a bumbling moron in the last movie, he had to be portrayed in such a way that it he wouldn't be able to be blamed for moving the Emperor into power.
The fact that the Death Star has already been planed was kinda creepy for me too.
3PO and R2 are soooo cool. IMHO it was the relationship that felt the most real in the whole movie. I wonder what happens to have R2 loose those rockets, it seems like they would have been handy in the other movies. 3PO's little jokes and comments were priceless and I found myself laughing my butt off, just at a point that the action was getting kinda intense. IT was great in that respect. There was some humor, and inside jokes if you're enough of a star wars geek to notice them

(and I am).
So I would say it was better than Phantom Menace, but not nearly as good as the "original" triology. BUT I am reserving my final judgement until I have seen all 6 movies and have the whole picture.
Laters,
Lady Starhawk