I agree that even MagnoliaFan's edits aren't the great, wonderful movies they should have been. But with the right tinkering, they are at least better than the crap Lucas gave us. And I look forward to seeing how other people edit it.

Instead of thinking of it as polishing a turd, think of it has buying a new Lego set that looks awesome on the box, but when you put it together, it actually really sucks. So you take all the pieces apart and build the best set you can with the pieces available to you. It still won't be the best set ever, but I'm sure if done right, it can be better than the original set.