If I'm not mistaken, Spiderman is taking the same slot that The Mummy took in '99. And we call know what Phantom Menace did for that film's box office. :D
Why on earth not? All signs point to AOTC being far better than Phantom Menace. Why wouldn't it have the legs? Competition? There are plenty of free weeks before the serious competition kicks in, for AOTC to lick the plate clean, and have seconds! :D