ADigitalMan's edit is far more conservative and is the version I've replaced my official Lucasfilm DVD's with (along with his five other edits of the saga). It's basically Lucas' vision of TPM as you want to remember it. It retains most of Lucas' original vision, without the fart jokes, out of place dialogue, and preposterous, riot-inciting ideas like "Midichlorians". The picture quality is fantastic, but not a lot of license is taken with the story by ADM. The Neimoidians remain unimproved and Jar-Jar is still in it a little more than I'd hoped he'd be, but the slap-stick stuff has been greatly reduced all around. To me, the theatrical/official DVD version of TPM was unwatchable. ADM has elevated it to watchable status without being truly great (as TPM should have been). In a nutshell, it's "TPM: Less Cringe-worthy Edition".
Those are, without doubt, the two best existing edits.
If you're looking for something a little more radical and intrusive, I'm actually right in the middle of working on one over at "The Starkiller Ranch" thread. Of course, we're aiming for it to be the best yet, but you'll have to decide that yourself. We're intervening to make the prequels more true to the style of the OT, and over time we'll be working on all six episodes with the goal of melding them into a clear, concise, and satisfying whole. Each scene is being pulled apart, deeply analyzed and then reconstructed to acheive the best dramatic and cinematic result. Story dynamics are being changed. Neimoidians and Gungans are being dubbed in a genuine alien language performed by voice actors. New special effects and new music are being introduced, in fact most of the soundtrack is being rebuilt from the ground up. I can't even describe everything that's being put into this. It's a total re-imagining.
For more info on Episode I, check out the "Starkiller Ranch Complete Saga" thread. And for info on Episode II, check out Trooperman's "Shroud of the Dark Side" thread.
In any case, I hope you find what you're looking for.
--InfoDroid