Yes, I reckon you're right - not that the legions stroking themselves off about it will admit it of course. I have several friends who insist Phantom Menace wasn't all that bad. I don't think they actually believe that, but they'd never admit anything to do with Star Wars could be sub-par. I thought the second one was garbage as well, didn't even bother with Episode III.
Episode 3 isn't great, few good fight scenes and vader is in it. Recently got the wee boy into star wars, so have had to sit through all 6 films again (and again) and 1 & 2 don't improve the more you see them. Although the original trilogy are still brilliant.