True enough. The action was already padded out with the longer pod race stuff.
That said, I'm a sucker for action sequences, and on DVD you can always skip past stuff, true enough. But you get the point.
With LOTR they added a lot of padding, but some of it felt necessary because certain characters were just not very developed otherwise... plus the way the extended editions were setup, they were ideal for viewing episodically, rather than all in one sitting.
When it comes to Episode I however, it almost feels like a chore for me to sit through. I guess I've been ruined by the great action of the other movies, but it just wears thin. If you can look past all its flaws and just flow with it, then sure. One more gap filled. But I can see why it was cut. I just kind of agree that Lucas could have done another edit of TPM before it was released... too much boring/silly stuff was left in.