I'm posting a link here to GoodMusician's edit thread, he's edit will not be a radical story shake up but he has done some amazing changes which might inspire people who post on this thread regularly.

http://originaltrilogy.com/forum/topic.cfm/My-Episode-III-Re-Edit/post/360965/#post360965

I posted this in response to a few of the sequences he has put up and I'm repeating it here as I was advocating more radical changes.

I would be even more bold with cutting away the the more silly aspects of Palpatine/Sidious.

As the puppeter Ian McDiamid can't be beat as the mad raving drooling loon he is far less interesting.

I wish Lucas had come up with a different explanation of why Palpatine looks the way he does in ROTJ (it would have made so much more sense if that was his true face which is eaten away by the power he wields than a nasty accident with a lightning blow back.

Perhaps a Mr Hyde morph would work better?

Mace too could be cut down even more to make him genuinely surprised that Anakin has done the right thing in reporting Palpatine to him and even show respect for him. Later do we need to see him crying out so much (it doesn't seem like pain either more like Sithish rage)? Just have Anakin disarm him and then have Palpatine shoot him out of the window. The more sudden and violent the betrayal the more shocking for Anakin the aftershock. He is suddenly in too deep to step back from the abyss.

The battle droids really need shutting up and toning down, I'd rather have a real Anakin looking down a lift shaft twice as long than an obviously CGI droid hitting another while sounding like cartoon character.