I've tried "Fall of the Republic" by Blankfist, He brutally chopped out the crap of Episode I - down to 22 minutes. That removes most of the silliness including Jar Jar.
What's left is decent film, but not very exciting because they just find Anakin and take him away without any struggle or action at all.
Ep2 is cut less heavily.
Ep3 is more or less intact.
The end result was still not very enjoyable to me, even though there was much less negative stuff. It still seems quite long and the cut from episode 1 to 2 feels unnatural.
Hope this works out better... its a big challenge to try and make one good movie just by editing.