Episode I: The Phantom Menace is the first movie released by LucasFilms for the prequels trilogy. The Prequel Trilogy sheds light on Darth Vader's past.
The LEGO Group first agreed to released LEGO sets based on the Star Wars movies the same year that The Phantom Menace was released (1999) however the first film LEGO began releasing sets for was Episode IV: A New Hope.
The Phantom Menace LEGO System has quite a few sets that are very collectible. The Mos Espa Podrace 7171 is a good example of this. This LEGO Set includes quite a few very desirable Star Wars LEGO mini figures like Jar Jar Binks and Padme Amidala.
Another set that is a must have from the Phantom Menace sets is the Sith Infiltrator, simply because Darth Maul is one of the more desirable minifigs from the Star Wars sets. The ship is a fun build to.