Yes, I've seen it. Who wants to touch me?
It's a result, as well. Way better than TPM in every respect.
Good stuff: Jango Fett is a total dude (and his relationship with young Boba is fun), Slave 1's 'new' superzapper guns and mines rock (and shatter rock), the clone factory is visually awesome, Count Dooku doesn't get enough screentime but steals every scene he's in, the Millennium Falcon is hidden away in the far corner of one shot and Yoda gets to kick some ass. (I saw it in a 1400 seater cinema full of journalists, and just about *everyone* gave a quick cheer when he shuffled in to settle the score with Dooku. There's a *reason* he's a Jedi Master!) The final battle - 100 Jedi, 1,000 droids and 10,000 clones - is spectacular, and much more satisfying than the equally CGI-filled Gungan/droid battle in TMP because all the main characters are right in the middle of it. The Death Star even makes a cameo. And best of all - there's hardly any Jar Jar!
Bad points: Dialogue still isn't Lucas's strong suit (even with a co-writer), the Anakin-Amidala romance develops much too quickly, especially considering how prickly things are between them to start with, the all-CG Yoda takes a while to get used to (he's a bit too 'clean'), it's overlong (2 hours 20), Threepio's comedy moments (especially in the final battle) are overdone and some of the foreshadowing (or is it back-referencing?) of the original trilogy is played up a bit heavy-handedly.
But I enjoyed it overall. It's so much better than TPM that it does actually make it look even more lame by comparison, and people are likely to be asking Lucas "So how come Phantom Menace wasn't this good?" until Episode III comes out.
I'd rate it number three out of the five - slightly below Star Wars (Empire is my number one by a mile), but quite a way above Jedi. No prizes for guessing which position Phantom Menace holds...