Phantom Menace was greatly misunderstood. It was a FAR more subtle movie than any of the others, and will only be best understood in context, preferably watched with episode 2 immediately in tow. It is MUCH less of an action movie than a movie about political maneuverings, althought it included action to try and satisfy those who were expecting it (it failed to do so). In that sense, it was really almost more of a movie for adults than for kids.
While I'm not surprised at the number of kids, and even the general public, who failed to grasp the subtleties, I am a bit surprised that some of those were lost on so many Freepers...
The entire movie leads up to and revolves around one single moment, which is, if you ask me, one of the quintessential climaxes of subtlety in movie history: the moment at which the Queen (or her decoy) stands in the Senate Chamber and calls for a vote of no confidence in the existing Chancellor. This is the one instant about which the entire movie turns.