"Bloated" is about the last word I would use to describe the prequels though. They're edited and paced very well and Lucas actually did a good job at setting up each act of each movie. Episode III is actually the shortest episode I think.
Episode III is the best paced prequel and I believe Lucas hired an outside editor for that. The other prequels are borefests and even the action sequences fail to make up for it, and they too dragged on like the podracing. Basically any scene featuring Anakin/Padme, aliens, or droids could have used a lot of work. Prequels also suffered from a lack of fantasy imagination (Dagobah and Vader scenes) and made us miss the chemistry from the OT cast. I think Michael Bay's The Rock is a more fun experience than the prequels.