I hope you wouldn't mind if I chip in on the PT discussion - for me it went downhill ever since the first few minutes of Ep.I passed by. Had that movie started with the Clone Wars beginning (or already in motion) it would have been great.
Second, to this day I can't forgive the missed opportunity to make Anakin Skywalker simply a young pilot from Naboo, better yet, a freighter pilot stuck there due to the blockade (for continuity's sake) that should have been instrumental in the plot by helping the Jedi and the Queen escape. The rest being a good old-fashioned space "chase" through a war-torn Galaxy, much like ANH or TESB.
The other thing that bothered me greatly with the PT was the abundance, nay, the omnipresence of Jedi. I am not from the USA, so I may not share the fascination with comic book characters some (most?) of you may share, but the prequels downsized the Jedi from rare, exceptional mythological warrior-philosophers to the everyday action hero, capable of extreme feats of disbelievability... something that turned even worse in the EU. I point to TFU as an obvious example. That's a problem of the movies in general though, always trying to find the visual "muscle" and raw action rather than the subtlety of the originals. For me the ominous gray shapes of the Star Destroyers, quietly sitting in orbit will always hold a certain sense of dread that the visually (and overly colorful) spectacular battles of the prequels can't.
I loved TPM when I watched it for the first time, as a gift for my eleventh* birthday back in '99 (yes, I'm not that old, but I still love the OT). I remember my parents, who were great fans, being stunned by the movie and I couldn't understand why. Ten years later, I can.... it just lacks spirit.
As much as I'd like it, I can't see an edit fixing the prequels. Not that it should stop anyone from making it, at the least I'm greatly enjoying reading some of the ideas here and looking through the mock-up pictures. :)
* Bah, maybe I am getting old, I can't remember my birthdays even! Shame on me...