Are you saying that because you actually think it's good, or because there's a guy with a double-bladed lightsaber in it?
Episode One is actually pretty good. I know a lot of people do NOT feel that way, but listen, it's got: two Jedi essentially working free of the council, pod racing, as close to "the old republic" in terms of feel and visual style as we get in any movie, a couple of really good battles, my fav lightsaber duel in the series (2003 Clone Wars not withstanding), and yes a pretty good bad guy with a double-bladed lightsaber (with Palpatine in the background, as he should be).
I know it's got shitty parts, Jar-jar, midichlorians, et al. but it's a much smaller story than Episodes 2 and 3 and it really balances the super-close-in personal moments and the wide-out sweeping action and political maneuvering. War is a theme that is part of ALL Star Wars stories, but in the rest of the prequel trilogy (not gonna talk about sequels here) they focus a bit too much on it.
EDIT: Also to comment on Eps 2 and 3 here as I have read in the past few comments, Kamino and the opening Coruscant section were pretty good in 2, and the opening sequence in 3 is also pretty lit. Ep 3 is actually like... 85% right, but the writing is just SO bad... I didn't think Ole Georgie could get WORSE at dialogue, but he really just drops the ball. The plot is... serviceable in the grand sense--the structure is solid--but Anakin's fall to the dark side is just poorly executed.
Counterpoint: every scene is a bunch of people standing on the exact same concrete square, exchanging wooden dialogue. All the fancy CGI exists only in the mysterious land beyond the square shaped concrete floor. Landing pad on city planet? Concrete square. Magic bubble Atlantis? Concrete square. Somehow even pod racing manages to partially follow this formula. If you include "that flat open grass square in the middle of a forest" every single fight scene follows the formula. Two of the space battles take place on a concrete square, the submarine fight scene as well, and the final space battle both begins and ends on a concrete square.
Also you know... kid anakin + pedo romance setup, galaxy's drunkest jedi (back at the temple we used to call him Qui Gon Gin n' Tonic), the most Willy Wonka star federation ever ("the blockade is legal"). Literally the only good thing about the movie is sassy Obi Wan, but he's back in better form in the other 2 movies so that's still not redeeming.
In fact I'd go so far as to say that if you chopped out Obi Wan's bits of the second and third movie you'd have something at about 66% OT quality. With the remainder being shit that would get bad reviews on fanfic.net. Like seriously, Obi Wan gets all the badass Star Wars one-off characters; the Boba Fett JRPG palette swap, giraffe cloners who could conquer the galaxy but the rest of the galaxy is dirty and they have OCD, the almost lovecraft moment where a droid randomly has a beating organic heart, several badass alien quadrapeds he fights against and alongside. If I sound insulting I'm not, think about how badass and memorable those random moments would have been if tied together by a strong plot. And its all Obi Wan. He's present for all the cool shit. Well I guess Yoda gets to go to Kashyyyk but that should have been in the OT dammit so I'm not countingg it.
Wookies, you're the ewoks of my heart.
Obi Wan also gets a mild lovecraft moment in the 2d animated Clone Wars cartoon, where a seperatist commander looks like he's just a large humanoid alien and then the armor comes off and... well, watch it yourself, I believe its the second short that Obi Wan is in.