Speaking of Magnoliafan, I guess he lost interest in doing an ROTS edit long ago? Pretty sure I remember him talking about being in the process of doing one, but being as we are now in the year 2009 and the movie came out on DVD back in 2005, I'm going to go ahead and assume that it is not happening.
I would have liked to have seen someone tackle ROTS in some extreme way, but so far I have not heard of any edit that does more than a little snip here and there.