Let me preface my comments by saying that I love every project that OCP has made for this forum. I love the Classic Edition series. I loved Star Wars: Classic Edition (Version 1).
That having been said, Version 2 is a mess. I went into it expecting a vast improvement over Version 1. I was wrong.
I don't know whether it is from his color correction process, or from his encoding, but the video is terrible. Every slightly dark area of the screen is swimming with what looks like the Wonka Bar from Willy Wonka that is being transmitted via television waves. Bear in mind, I am watching this on a low-definition television. I am certain that if I had a higher-quality TV, I would notice even more noise in the lighter areas. It is just terrible, particularly in space scenes.
Along those same lines, the opening title crawl is also really bad - stars flicker as (what I assume to be) the box containing the 2006 OUT crawl shrinks in size to match the crawl as it vanishes in the distance. In the transition between the crawl and pan down, there is a terrible crunchy bright starfield. When we see Tatooine and its moons, they are surrounded by a tacky glowing halo because the picture has been brightened using an apparently-not-very-good brightening process. Then, each laser shot has a similar fuzzy gray halo around it. Terrible.
Later, during the Death Star Assault, during the iconic fly-by near the towers, OCP apparently used the OUT for the first part of the shot, then switched to the SE after the X-Wings had passed out of view. When this happens, the starfield behind the tower explodes, new stars appearing, and all of the stars glowing way too big and bright. Stylistically, this just seems like a bad choice - why not wait for the shot to end before transitioning to a new source? Who knows? End result = bad.
I need to rewatch Version 1, but I don't remember the video quality being as bad as it looks in this version. Version 2 was supposed to be an improvement, but if it was, I REALLY need to rewatch Version 1, and then have my eyes checked. And I am not even a very picky or particularly sharp-eyed viewer - there are several laserdisc transfers that look better (in my eyes) than OCP's final encode of SW:CE.
I went into this expecting it to be at least equal to, if not better than, the sum of its parts. I was mistaken. I would not recommend this to anyone, really, except for completionists.
If you really want to see a reconstruction of the theatrical Star Wars, I would suggest marrying this audio mix (which is great) to an anamorphic conversion of the 2006 release - at least the video quality would be consistent (and in many cases, better).
OCP - if you ever do a third version of this, please use a different system for applying your filters, or for your encoding. Whatever you are using now doesn't work.
With all of this in mind, to think that OCP was selling a "no-frills" DL version of this edit for 10 bucks a pop is just horrendous.