The problem with an edit is it uses material already shot for the movie, and for the most part does not make new material (I understand Adywan DOES in fact make additions, but for the most part they're small and flow well with whats already created)......and the problem with the PT is not that Lucas didn't do what he did well......its that he didn't do what he should have. Instead of making the fall of Anakin Skywalker a character based story, its one long action set piece....all 3 bloody movies. Its just Lucas going "hey check this out" and "hey, look what I can do" and "how cool does THIS look?", over and over and OVER. Not only does he not make any convincing attempt to link the look and feel of the PT to the OT, but he blatantly disregards previously created story elements or plot points (ie: "...there you will learn from Yoda, the jedi master who instructed me"). He even goes as far as doing the same thing within the same trilogy (ie: the sneak peek at Aura Sing, the new episode 2 bounty hunter....who mysteriously never showed up again) (although it could be argued that it was just a marketing ploy to sell some toys). So You can't really improve the story in a movie that barely has one. What made the OT great was that it was so many different genres, well mixed to look like it was only one. It was a sci/fi, fantasy, western woven into a family drama. The PT is sci/fi and thats it.....and it even tries to go back and retroactively kill some of the other genres from the OT....I mean, midi-clorians....wtf?
I'm not saying it shouldn't be tried.....I just dont think that the expectations that this will meet with the same success as Adywan's OT Revisited are all that realistic. The OT Revisited is an excellent trilogy, receiving a few much needed tweaks....the PT is a hopeless mess, that CAN be made better, but that IMHO I don't think can be made good. Those who already liked it will like it more, but I don't think the haters are going to convert because for the most part I dont think they agree with the trilogy Lucas decided to make. I would most sincerely like for Adywan to prove me wrong, I really would........time will tell