Obviously, to each there own. I can't tell you your opinion is wrong.
However, your opinion is wrong

in all seriousness, I disagree about the story and acting, and feel the special effects all serve the story, not the other way around as happened in both T3 and T4.
I think that the movie shows us a Sarah Connor who is very different from the T1 Sarah, and in a believable way. I think Eddie Furlong gives a surprisingly layered and adult performance... I believe he comes off as smart beyond his years, with hints of the great man he needs to be, while still showing that this is a very, very damaged little boy. Finally the ever impressive Robert Patrick creates a character that is obviously from the same factory as Arnold with similar mannerisms like the way they turn their head before the body, yet is something creepy and wholly new.
Storywise, I think this movie has 3 of the all time great action sequences (the big sewer chase, the Cyberdyne shootout, and the steel mill finale)... and for me they all feel like they flow naturally from the plot. I also have come to love the ambiguity they build up in the first act where you are not sure which Terminator is the hero (in fact, I think it was a HUUUGE mistake in the initial marketing to spoil that Arnold was the hero this time).
As far as the effects, I love the mix of practical and digital they used to mask the limitations of the early CGI... and apart from some bad animation, feel that the overall effects compare favorably to movies being released even now.
I know many will argue that T2 copies some of the beats from T1, and I won't disagree. I do think T1 is a more original story and a better script overall... however I think T1 suffers a bit from the very cheap sounding score (The work is good, just listen to T2. It's almost the same score but they actually had some money... In T1 it sounds like one guy on a synthesizer in a basement), as well as some not great acting from Michael Biehn. The stop motion effect also just don't hold up very well ( I have the same problem with Jason and the Argonauts). Overall, the two movies are a wash for me, I would rate both a 9.5 out of 10 and both in my personal top 25 favorite movies.