It's looking like it's going to be two ~30-minute episodes at the moment.

As in, part 1 is currently at 45 minutes, part 2 at 37, and I'm going to try to get each down to ~25-30. They might end up being different lengths, but whatever, right?

Also, Part 1 ends when the Master arrives at Grace's in the ambulance to pick up the Doctor and Grace. Part 1 ends with the Doctor and the Master looking at each other, the audience believing that the Doctor recognizes the Master. Part 2 begins with the Doctor not recognizing the Master, and going with him instead.

Also, I've cut the moment were the Seventh Doctor screams while being operated on, and his reference to the Master in the same scene (as the whole opening sequence has been cut, I'd like to keep the audience in suspense as to who or what the snake-looking thing is, until the Master reveals who he is in the bedroom). The whole scene flows much better.

In fact, the regeneration scene - at the moment - is only 15 minutes into the first episode, so we get to the Eighth Doctor a lot quicker than in the "official" cut.