Episode I sucked, IMO. I really ought to get one of the sans Jar-Jar versions floating around on the internet sometime. Possibly sans Anakin, too. Actually, just leave in the Podrace and the end lightsaber battle, and you'd be set.
Episode II sucked less, due to Natalie Portman having a. more screen time and b. less clothing. A friend and I discussed this at great length and decided she should do Episode III in a Leia-esque outfit much like the one in Return of the Jedi, at Jabba's Palace. It'd sell well, anyway...
That being said, I'm still going to see Episode III. Obviously. I think Oddball's 'suspension of reality' is rather accurate. I keep telling myself it'll rock. Same with Reloaded and Revolutions. Well, in Reloaded's defense, it did have some pretty sweet action. It was worth it just for that, even if it didn't follow the story very well. Revolutions had the kick-bum sequence where the sentinels invaded Zion. Other than that, nada.
Oh yeah... was it just me, or was the audio on that clip awful? You'd think they could make something a little higher quality. Unless that was one of the mid-grade clips. They usually have 3 or 4, in differening resolutions/quality levels.