The Phantom Menace is the first in the Star Wars prequel trilogy, it was written some 15 years after the last movie in the original trilogy, which is widely considered a classic of the sci-fi genre. The prequel trilogy is not held in such high regard and in my reviews of these graphic novel adaptations, I'll briefly explain my own issues with them.
The Phantom Menace is a steaming pile of garbage. The plot, roughly, is about the Jedi Knights first coming into contact with Anakin Skywalker (who eventually becomes Darth Vader), Obi-Wan Kenobi's final training to become a Jedi Knight by his mentor Qui-Gon Jin, and Senator Palpatine (who eventually becomes Emperor Palpatine) laying the groundwork for what would become the Empire. I say roughly because on top of those three very simple premises, George Lucas lays an overwhelmingly boring story about political conflicts and trade embargoes with a generous helping of terrible characters and cheesy dialogue.
The graphic novel adaptation does a good job of conveying the mess of a story. You get a better understanding of what the hell the political arguments are about and see the machinations of Palpatine pretty clearly. While that is a good thing, it doesn't change the fact that none of this should have been in the movie in the first place. It's convoluted, boring, and is literally thrown out for us to figure out without any backstory as to why it's all happening in the first place. Once I figured out what was going on, I came to the realization that explaining the political climate of the Republic by showing arguments in the Senate and having people talking about it extensively on screen is probably the worst way to do it. A better way would have been to show actual situations within the massive universe that George created that conveyed what was going on politically. Not have a bunch of bad dialogue between a group of people just blatantly explaining it.
Moving on to the characters, here is another place in which the graphic novel succeeds where the movie failed. Almost none of the characters have discernible personalities with the exception of two very annoying characters whose personality is they are annoying. Qui-Gon Jinn is a terrible Jedi and a horrible character. He's extremely manipulative on a lot of levels and as bland as the plot points about the taxation of trade routes. Qui-Gon's sole purpose seems to be to find Anakin and then die like Obi-Wan in A New Hope (except his body doesn't disappear because apparently that really awesome plot point from the original trilogy got skipped over for the prequels). Speaking of Anakin, instead of an interesting, complex character we got a precocious child who has zero depth and would be the most annoying character except that this movie also has a tall, loudmouthed, squeaky voiced alien who talks like grown toddler. There's Padme and Obi-Wan, two characters who have a lot of potential, but are relegated to background noise.
I could honestly go on a lot longer about the flaws of the movie here, it's not just a bad Star Wars movie, it damaged the franchise heavily. It shifted the direction of the expanded universe from good storytelling into a bland wasteland of marketing possibilities. It did this for over 15 years until The Force Awakens would come out and try it's best to repair the damage. It spawned Attack of the Clones (maybe it's biggest sin).
This graphic novel has a few things going for it though. It's artwork is decent enough and it does a great job of conveying the story, something the film itself failed at. It's really a pretty enjoyable way to experience The Phantom Menace and I would recommend it over actually watching the movie itself.