The edit is not yet complete, so the best way to describe it would be to list the list of changes:

(This is in no way a complete record of the changes, as there are numerous small changes that can't possibly be listed here)

COMPLETED or IN-PROGRESS CHANGES:
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-Edited Anakin and Obi-Wan dialogue in opening scene

-Cut approximately 2.5 minutes from the space battle

-No Buzz droids

-Severely limited mindless battle droid hacking

-No more ejecting R2

-No more R2 vs Super Battle Droids

-Elevator antics scene streamlined (modified effects shots)

-Added more weight and menace to General Grievous' voice

-Redubbed Neimoidian captiain

-Redubbed Battle Droids to sound like TPM droids

-Added music in some scenes

-Limited repetitive/cheesy dialogue

-Streamlined Dooku duel

-Anakin hesitates much less when he beheads Dooku (but it's still believable)

-Streamlined Palpy's lines

-Ray shields scene streamlined

-Meeting with Grievous streamlined

-Crash scene streamlined

-No Jar Jar line (that's a given)

-Vastly shortened Anakin and Padme reuniting (Recording new sounds)

-Removed boring and distracting zooms from many shots

-Removed Anakin's nightmare

-Anakin telling of his dream carries much more weight

-Shortened Palpy appointing Anakin as his representive

-Anakin whines less in front of the council (and doesn't apologize)

-Trimmed Anakin's line about the Jedi Code

-Trimmed conversation between Obi-Wan, Yoda, and Mace.

-Infamous "Hold me like you did by the lake on Naboo" scene is MUCH better (It's a secret as to how)

-Palpy doesn't mention medichlorians.

-Anakin's responses to Palpy are slightly modified

-Wookiee battle shortened

-Made Commander Gree's visor black

-ATTEMPTING to remove Chewbacca from wookiee scenes

-Added dramatic music to Anakin and Obi-Wan's farewell

-Rearranged Obi-Wan's arrival on Utapau

-Heavily rearranged and re-edited Obi-Wan vs. Grievous. (New shots, new effects, and entirely new music and sound effects.)

-Limiting Boga screeches

-ATTEMPTING to make Mace the only Jedi to confront Palpatine (Involves radical changes to the shots themselves, as I'm not going to cut out very much [pacing issue])

-ATTEMPTING to make Mace Windu the only Jedi to face Palpatine


PLANNED EDITS:
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-Remove the points from lightsabers
-Radically reshape Yoda vs. Sidious
-(Possibly) change Palpatine's makeup to look more like RotJ emperor.
-Change Darth Sidious' voice to sound less cartoony.
-Replace the nonsensical line: "Only a Sith deals in absolutes"
-Different music for the march on the Jedi Temple
-Keep identities of Skywalker children secret.