For starters, without all that storyline, it'd be pretty damn hard to bridge EP3 and EP4 without MORE Plotline and LESS action from EP3. Secondly, IMHO it was a fair balance between action and plotline. Thirdly, the action was kickass enough to counteract the NECESSARY plotline. Finally, in case you hadnt figured it out yet, i LOVED EP2, and cant wait for EP3, cuz i know what the basis for it already is "Stay tuned for Obi vs Annakin :fight: "
All in all, probably the most well balanced compromise acheivable
Cheers