I started watching The Phantom Edit today and already see some cuts I disagree with. Some of the cut talky scenes help to establish Jedi abilities and Queen Amidala's story, and I miss those. Some of the scenes don't feel connected. The pace does pick up though - alot. I think I'll keep The Phantom Edit as a model for my own future edit.
Of course, Lucas himself may release a new edit in that rumored "Complete Saga" DVD set, which will have a new CGI Yoda in Ep. 1. I worried though that maybe he's lost his touch. Clone Wars isn't doing that well in theaters.
Is Nero or MyDVD good enough to do this type of work? I don't see people using it much in these forums. And the process seems to consume terabytes of disk space. I might have to get a disk array.