Jaws is a masterpiece, Spielberg did an amazing job. I think a lot of people at the time wanted to give a lot of the credit to Verna Fields' masterful editing and John Williams legendary score for its overall impact, but history has demonstrated just how talented a film-maker he was.
As a companion piece I'd strongly suggest watching Jaws 2 after, as even with a whole bunch of returning talent both in front and behind the camera, the drop-off in quality is immense. Its not a worthless waste of 2hrs by any means, but it doesn't hold a candle to the original.
It may have a "better" shark -at least until the end where its exposed in all its rubbery glory- but the way its used just doesn't have a fraction of the threat and impact of the original. Its kinda funny too because the script employs it basically in exact the same way as a maniac in a slasher movie; if Michael Myers was a fish... hoo boy!