There are a number of issues with TPE that keep it from being a true "replacement disc" for Episode I in the way that ANH:R is, most of them technically related. While the cuts made were very well chosen, in addition to the picture quality problems, the transitions between cuts are not always as fluid as with the original release, and there's the whole issue of the prank opening crawl which tends to take us out of the experience a bit.
His Episode 2 cut is the same story-- excellent choices for cuts (except Jango Fett vs. Obi-Wan-- I thought that scene was fine the way it was originally), but minor technical problems hold it back from being a true replacement disc, and there's the opening crawl.