This movie was terrible in terms of the plot/acting, but what else is new; it's a special effects masterpiece. Here is the entire plot, and yes there are SPOILERS so if you want to learn the obvious plot yourself then don't read.
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Anakin pretty much beats Dooku by cutting off his hands, then this chat ensues:
Palpatine: Hey!!! Kill him.
Anakin: Man that's not the jedi way.
P: The cool kids do it.
A: Hmm.. *kills him* MAN I WASN'T SUPPOSED TO DO THAT
P: Don't worry you're cool now
A: Oh ok.

Note that this sequence repeats about 400x times, but I'll continue anyway.

Blah blah blah stupid plot Jedis want him to spy on Palpatine/Palpatine wants Anakin to spy on Jedis. All in all, Anakin finds out Palpatine is the Sith Lord, tells Shaft, who goes over to kick P's ass. Shaft is about to win and go have sex with his women when Anakin comes. Here is the summary:

A: Don't kill him man that's not the Jedi way!
S: THAT'S A SITH LORD MORON
P: YOU HAVE TO MAKE A CHOICE ANAKIN WILL YOU TRUST ME, THE SITH LORD, A RACE OF PEOPLE WHO HAVE A HISTORY OF USING DECEIPT, OR YOUR JEDI MASTER, WHO HAS PLEDGED HIS LIFE TO SERVING GOOD?
A: THIS CHOICE... TOO DIFFICULT.. CAN'T TELL WHO IS TELLING TRUTH...
P: Hey.. kill him and I'll give you some candy.. and help you save Padme.

Anakin intervenes, pretty much setting up Shaft to get owned by Palpatine.

A: OH MY GOD WHAT HAVE I DONE?
P: Don't worry you're cool.
A: Oh ok I guess I'll become your slave then.

This whole sequence happened because Anakin thinks the dark side will save Padme. In the end, Obi-Wan demolishes Anakin thanks to the new Jedi high-groundsies rule he invented. Anakin is saved, and puts on his super breathing machine. Padme dies from "A LACK OF WILL TO LIVE" (exact words) during childbirth. Anakin finds out, screams, then talks with Palpatine;

A: OH MY GOD PADME IS DEAD?
P: HAHA YOU KILLED HER
A: NOOOOOOOOOOOOOOOOOOOOOOOOO
P: Hey, tell you what.. even though the whole point of your serving me was to save Padme... how about I give you a new ship to make you feel better? Oh yeah and please keep serving me.
A: Deal.

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That is Star Wars 3 for you, but the special effects rule. Go buy some popcorn during the Anakin/Obi Wan fight, they don't hit each other for about 6 hours.

It's been an interesting night.. I've been on ventrilo all night with some friends of mine, and in fact is where I got the title of this blog, which I didn't understand. Chris, James, and I have just found the magic that is myspace IM... I don't think I can ever go back. Have you ever wanted to slap or kiss the person on the other side of the IM? Myspace lets you. It's like... what I've dreamed about.. and it makes me feel whole. As I write this, James and Chris are happily slapping each other, while Brian is randomly yelling loudly about elephants in some weird cartoon he is watching.