I watched the film last Friday night, and here's my verdict of the film:

1) It's too short!
In 2 hours and 10 minutes, the film is in average length but the ending is a little bit abrupt with Obi-Wan taking two babies to two seperate families.  Time realy kind of flies in this movie as everything seem to move very fast, with lots of special effects which seems to delay the actual timing of the film.  However, there are several parts which the story seems to rush through which I'll explain below.

2) Poor Acting
Fine, as we supposed to know the storyline of the film and expected them to happen in sequence, so there shouldn't be too much acting to watch.  However Hayden Christensen as Anakin Skywalker was void of all kinds of emotions in the film, he fought ferociously, he walked gracefully, but he acted without vigor.  I mean how could Anakin changed so quickly into Darth Vader without even showing more of his inner conflict.  Natalie Portman as Padmé is also quite emotionless, with an extra disadvantage of Star Wars vintage makeup.  Ian McDiarmid as Chancellor Palpatine didn't seduce Anakin emotionally and forcefully into the dark force so that seemed to be a little bit of rush to me.  He acted his role very well though, as he really made himself very bad, so bad that we are convinced that he was evil.  Ewan McGregor as Obi-Wan Kenobi handled his cast quite well though, and his acting skills kind of balance the lack of it from Hayden.  In fact, it's not the special effects which make the film, it's the acting.  To be honest, most people are not watching for the plot or acting per se, but the special effects, and they are stunning. 

3) Good Effects
The fight in the volcano of Mustafa is unique because those lava which included upon the fighting scene are real lava, not just normal CG stuff.  The aircrafts, the lightsaber, the robots are all well placed and it had a very conherent ring of Star Wars.  As one of my friend joked, that the only main characters who went through the whole series was C-3PO and R2-D2, which illustrates how entrenched those special effects are.

Conclusion
I had quite high expectation in this episode actually, because I haven't really watch any Star Wars movies seriously before.  The hype is proved to be over blown, though many Star Wars Fans were quite eager to see this film as they want to finish off the prequel triology.  I'll give 3 out of 5 for this film.  The genreal consensus was this is the best out of the three prequel triology, though it still pales itself from the original triology. I'm looking forward to buy the old triology DVD and watch it all by myself.