All I've really wanted next to an HD version of the OT was a straight HD (or as best as possible) quality version of the SE itself, cleaned up and color corrected, no additions or subtractions, and no shrinking ratio or missing scenes due to side flips.
I'm always happy to see people with the know-how doing what they do and how they do.
Here's to hoping that this project gets a proper finish and release, either in a raw format or a fully realized one.