I have to agree, it should be digitally restored back to it's brilliance, the only minor changes I would make (if the end result was truly seamless) would be to a few special effects, removing the borders on the super-imposing (look at the foot on speeder bike pedal, tie fighters following the Millennium Falcon inside the death star etc.) and enhancing the lightsaber glow in ANH to match the other two films. Nothing drastic, just enhancing the 'reality' of the film's effects.

In other words restoring the films so things look as 'real' as they did when you first saw them all those years ago, special effects have gotten so good these days that we're spoilt, making special effects in older films look flawed.