After watching the prequel trilogy, and viewing A New Hope after episode 3, I've come to the conclusion that the transition works surprisingly well thanks to Lucas' good storywriting and McGregor's performance as Obi Wan. However, A New Hope has always been the odd one stylisticly. Visually, after the SE changes, it helps the transition. Pacing is a bit slow for a SW movie, but it's not too annoying. The real sore thumb of Episode 4 is the music.
Darth Vader skulking around. No Imperial theme. That's my biggest problem. I think the Planet of the Apes-type movements for action sequences are very noticably out of place, there needs to be the reintroduction of the Imperial theme when Darth Vader makes his first entrance. If there's ANYTHING I want Magfan to do to with A New Hope, it's to give us Darth Vader with his theme music in his introduction. That's all. I'll take the CG Jabba. I'll take the droid humor, and I actually like the Dewbacks. I just want to hear at least some form of the imperial march instead of that pre-ESB villain fanfare music. Who's with me?

On a side note, I'll be very interested in MagFan's version of the trilogies, but at the same time I've come to appreciate George's prequels and I am excited to buy the final official set.