The EP2 and EP3 chapters have been finalized with all the cuts/edits in place and runs close to 2 hours long, but I'll be giving it another editing pass sometime in the next few days (the only major edit that needs to be done for EP2 is to finish up the analyst droid's new voice for the deleted "Dart Analysis" scene, so that the 'dart' is now a type of detenator used to kill Queen Corde Amidala and the droid tells Obi-Wan that it originates from the planet Kamino). I've also been able to refine additional scenes which I wasn't able to previously using new audio skills that I've obtained, including having Anakin finally refer to Owen as his brother (using audio taken from Anakin's "Huttese" greeting to Watto, who's never seen or heard from in this edit, and new subtitles for Anakin) and Yoda stating to Mace that Dooku has joined the Dark Side when Obi-Wan reports the Separatists Army to Palpatine and other senators.
The EP1 chapter is about 1/3 done and is taking longer to finish as it's the main part of the original fanedit that I felt needed to be improved the most in terms of pacing and editing: new edits to the first chapter include NO Jar Jar Binks whatsoever (he's been 100% removed from the story), additional dialogue between Obi-Wan and Qui-Gon at the beginning, reinserting the scene between Queen Amidala and Senator Palpatine before they visit the Senate, and more scenes of the Naboo space ships fighting against the Trade Federation control ship.
For those that have never seen my previous SOTOR cut, here's a preview of the end of EP2 and the story transition into EP3:
http://www.vimeo.com/8626559