Hmm, I think the right order is Empire > New Hope > Jedi >>> Phantom Menace >> the rest. Jedi is still great, but it has some elements that I kind of dislike. The beginning is bit strange, and takes little too long, and the bike chase scene is somewhat pointless - but still looks good. Ewoks are not JarJar annoying, but I'd still prefer some other kind of alien race. And the space battle at the end is not as good as other space battles we saw, so it's a bit of a letdown.
Edit: Phantom is watchable because at least there are interesting sets and foreshadowing, and the fight at the end is very well done. Too bad the sequels were so shitty in sets (computer generated) and action scenes (too many robots and cgi actors).