I think The Phantom Menace is a nice adventure story with a fair amount of action that is nicely spread out from the introductory scene to the escape from Naboo to the pod racing on Tatooine and back to the battle in Naboo. It has good acting from the entire cast with characters that serve their purposes well , even JarJar with the light humor. The introduction of a very striking but mysterious new villian in Darth Maul was well done.
There is not as much action in this movie as in other star Wars movies but it makes up for it with more of an adventure feel with the introduction of new environments and new Aliens not seen in the original trilogy while still introducing important future characters like Jaba, Anakin, Yoda and even Greedo in a deleted scene cut for some reason.
Overall a not so action packed slow going movie that is more adventourous but makes up for it with stunning visual enviroments and by having probably the best musical score in the entire franchise in Duel Of Fates with one of the best lightsaber duels at the end to boot.