The Phantom Menace is a novelization of the movie by George Lucas. I just finished it tonight.
I did not like the movie--maybe because my expectations for it were so high, but I remember leaving the theater, when I still went to movie theaters, feeling pretty disappointed.
Ironically, I did like the novelization enough to have read this book twice--this is my second reading. There are some explanations--such as the history of the Sith--that are not included in the movie that I found very interesting in the book. Reading the book felt like watching the movie with additional scenes.
Terry Brooks is a very good writer (keeping in mind that this is a Star Wars book and not Dostoevsky or Tolstoy) -- his description of the final Sith fight was especially good.
Overall, I recommend this book--even if you didn't like the movie. It's a good, fun, light read. Good times.