I think both are kinda true.
Yes, our expectations were too high. And yeah, the movie was a piece of political propaganda. The analogies he was making to Bush were just so hamfisted and unavoidable. Instead of that he should have just retold the Julius Ceasar civil war except when they try to stab ceasar he busts out a lightsaber and murders the senate, then he tracks down all the jedi one by one with the help of young anakin, who he has corrupted with a vision of empire and glory.
You start with clone wars as ceasar in gaul, then you move into phantom menace (ceasar against coruscant, and the jedi suspect fuckery, and the political tension resulting from a senator personally being in charge of a clone army) and then you end with MURDERSPLATS. You can even have anakin beat obi-wan in some climatic duel but release him in an act of mercy, foreshadowing both his redemption by luke and giving context to the obi-wan/vader duel in new hope.
That would have been better at least than NatPo talking about sand in her vagina.