We definitely have backed the right team. ;)
It wasn't as bad as I expected, though. It was of course visually stunning, and Ewan McGregor, Sam Jackson, and Christopher Lee were enjoyable. Anakin and Padmé made me cringe, but then I expected that. I felt sorry for Hayden Christensen and Natalie Portman, because even though their acting was terrible, a lot of that is also the responsibility of the director. They're too young to be able to carry something like this without any guidance from behind the camera, ESPECIALLY when the dialogue is so bad to begin with.
One thing that really started to wear on me that I wasn't prepared for was that the action scenes went on far too long in almost every case. By the final big finish, I had a pounding headache because there was WAY too much going on onscreen and it just went on, and on, and on.
The overall plotline, I actually liked, the big picture is intriguing and fascinating, though I disagree with the philosophies that are taking shape. But when you bring it down to a character level it's highly unsatisfying.