Yes, every single frame of Grievous has been removed. The bridge scene works thusly: After the falling elevator and R2 escaping the pile of battle droid remains, I cut to an external view of the bridge. We then see the scared neimoidians fleeing, followed by Anakin and Obi-Wan cutting down battle droids. Then we see the ship breaking up and the escape pods launching (not by Grievous, obviously, but by the fleeing neimoidians!). Then "All the escape pods have been launched!" "Can you fly a cruiser like this?".
As for the flow of the film, I haven't yet had the time to watch it from start to finish, but I think I have a pretty good idea about what is gained and what is lost. The pacing of the movie is a bit slower, as there are no action scenes between the opening and the Palpatine/Sidious duel, but because of the short runtime (about 1 1/2 hours) I think it works.
Thanks to the cuts I've made, the focus is almost entirely on Anakin in this edit, which is the way it should be. By removing Grievous, there have also been some positive side effects. For example, the friendship between Palpatine and Anakin is emphasized, because their scenes together no longer begin with Anakin reporting what's going on with Grievous. The Jedi are also less stupid, thanks to the "Plot to destroy the Jedi" scene. They all know that's something rotten in the state of Denmark, but because of their dogooder nature, they are unable to act without evidence.
By the way, I've changed the scene with Anakin and Mace in the hangar. It now begins with Mace's "A sith lord!?". This way I lose Anakin's "I've learned a terrible truth" without losing any important information.
Darkhelmet, your take on the Mace/Palpatine scene is really good. It doesn't introduce the plot hole that my version does, but still makes it bearable to watch. I'll probably use a variation of it in my final version.
As for scenes, I'll try to upload something soon, probably the bridge scene or something else from the opening, as it's the only part of the film that's completely finished. Anything else you'd like to see?