I was 8 when The Phantom Menace came out. I was a huge Star Wars fan at the time, my next door neighbor and I basically molded our lives around the original films and the expanded universe. I remember my parents surprised me by taking me to it, so I must not have realized it was out at the time.
At the time I didn't really have a problem with the movie. It was still a bit too childish for me, even at that age, but there were enough cool scenes like the final battle and the pod race that I didn't mind all that much. Episode II on the other hand was a bit disappointing. I can remember being really excited about that movie, taping the teaser trailers on Nickelodeon (still have them somewhere! It was a program that let you watch and tape tv on your computer).
And while I'm not a huge fan of the PT, I don't hate it nearly as much as everyone else seems to. I thought Episode III was a pretty good movie, although there are obviously still quite a few faults in it. Being 8-14 when these films debuted, I definitely didn't originally view them as I would now, so nostalgia is probably keeping me from being much harsher on them. After Episode III, I kind of stopped being a Star Wars fanatic. I knew at the time it would be the last time I watched a real new Star Wars film in the theater (Clone Wars is NOT a real Star Wars movie). I guess I'm just happy to be able to see the films in the theater again.