To be frank, I didn't really think the "Phantom Edit" really helped the movie much. They just cut stuff out and that was it.
Balance of the Force cuts and trims little tiny things that you might not even notice at first, and even adds interesting things to it as well.
The Phantom Menace = embarrasing
Balance of the Force = what *i* would bring to a party, in place of TPM
Hehe.