I would mind an Ultimate Edition that was a cross between the original and the special editions.
It would only take maybe 2 changes to each special edition to make them watchable:
ANH:
Han scene fixed (must have to be watchable)
your choice of Jabba scene or Mos Eisley extended entrance
ESB:
Luke screaming taken out (must have to be watchable)
your choice of Cloud City less cheesy, Luke's line on Degobah changed back, or Wampa scene changed back
ROJ:
"Jedi Rock" taken out!! (must have to be watchable)
your choice of original ending song, or sarlac pit beak taken out
Lets face it, there are some things about the Special editions that kick ass, like the enhanced battle of Yavin. Today I watched the original version and special edition side-by-side (yes, with 2 tvs) and it was really noticable how much better the special edition version of the scene was, as hard as that is to admit...