I wonder how we would treat Star Wars episode 4-6 if they were released today (with updated special effects, that are not crammed in for the sake of it, like in the remastering). Overall I don't think Star Wars is that good (KotOR though, is great).
Here is my view on the series:
Episode 1:
Decent enough acting, but pointlessly long sequences, like the podracer sequence and the need to explain things that never had to be explained (how the force works was bad, but explaining C3PO's & R2D2's origin was just utterly pointless and just felt forced, and C3PO's origin even clashes with what we know from later movies) makes the movie a pain. Yes, it is a movie for children, that much is obvious, but everything just feels so hamfisted that it bugged me, even when it was first released, and my young mind was less critical than it is today. After walking out of the theater, I had a long rant about the two droids origins and why it was poorly done. Obi-wan is decently handled, and the lightsaber duel at the end was rather good.
Episode 2:
A major stepup in the story department compared to episode 1. Less pointless sequences makes it better, but this movie just ruins a lot of the mysticism around Jedi knights. By throwing a lot of them on screen at once, having a huge fight, you make them feel less special. Now they are just a garden variety thing, and I could never look at them the same way again. Also, the acting is very bad in this movie.
Episode 3:
Another step up in the story department, and while things still feel a bit hamfisted, they do return some of the sense of mystery to what a jedi actually is. The major problem with this movie is the acting, which is not only bad, but utterly horrific. I laughed when Anakin was looking into the camera while telling his wife how much he loved her. Horrible. Had the acting been at least passable, then this would have been an alright movie.
Episode 4:
This one is watchable, but it suffers from the fact that the universe feels very haphazardly put together. It is understandable that the first movie will have a less developed universe than the later movies, but here it feels about as coherent as the world in Super Mario Bros 3. Some connecting elements, but everything is just scattered all over the place. Acting is quite alright.
Episode 5:
The best part of the series, this one actually has an engaging story, and Luke really comes into his own right. There is a lot of character growth going on here, for all major characters, and it feels well put together. Also, the world feels more coherent. Some not so minor plot holes do bug me though.
Episode 6:
A step down again. Not only does it suffer from an overly long and drawn out sequence (Ewoks), but the story feels less coherent overall than that of the previous two. At least the setting feels coherent and well though out, and it has a few very well made scenes. Enjoyable, but not outstanding.
If you want to watch them, I would recommend just sticking to the original 3. If you also want to watch some of the new movies, then just watch 2-3, skip 1, it hardly adds anything to the story anyway. I for one don't quite understand why Star Wars is so popular though.
(Not counting KotOR, Tie-fighter, X-wing vs Tie-fighter, Jedi knight and many of the other video games that were made, and that I thought were great).