Wow! So much feedback that I don't even know what to do with it all!
I'll address a few things, though.
I'm leaning towards KEEPING the seismic charges.
Corellian77:
Thanks for that idea! I'm glad somebody else thinks like that. I'm actually working on making the shockwave/explosion not blue, but removing the color so radically does make the effect look kind of... dirty. I'm still working on it, though. I might be able to work something up. I'll post my progress!
Another note about seismic charges:
Regardless of how much people don't like the prequels and perhaps this scene in particular, that scene (or at least that part of the scene) has become something of a classic moment. It'd be like cutting out the Quad-Gun scene from ANH because it was unnecessary (which it really is). But no... it's a classic scene, and it belongs in the movie. The seismic charges are something unique and (regardless of how senseless they are plot-wise and weaponry-wise), pretty dang cool.
(But they're in Rogue Squadron 3, and they're pretty stinking dangerous - despite their 2D nature)
Now, on to the edit in general.
I appreciate all the feedback, but I'm going to say what I'm NOT looking for. And that's a complete re-structuring of the movie.
I'm of the camp that the prequels really aren't THAT bad as they stand. I'm really just trying to make them marginally better at least. While some scenes will face some severe cuts, I'm really not looking to change the actual material all THAT much (beyond color correction and some bonus goodies like that). If that makes sense.
Personally, I would love to remake the prequels from scratch, as I think I have a better story in mind. BUT, such radical changes are simply not possible with the source material given to us, so... it will have to stay. I love the more radical ideas, so keep 'em coming! They give me great ideas to use, but just keep in mind that I'm really not looking for huge, massive changes.
That being said, I have a very... interesting change I've made to a particular scene involving C-3P0, which I'll post in a few hours. I hope you guys like it! :)