I watched the revised version of SW today. The improvement over the previous version is not huge, but it is significant. This is well worth downloading. There are still some minor problems: color fluctuations, while Threepio is wandering across Tatooine's sands; some funky sky appearing, especially when Luke first meets the droids; but the excessive brightness that was present in parts of the first version seems largely to have been rectified, at least to my eyes. Overall the colors are simply stunning, especially given the source.
It is a shame that the minor issues will not be fixed, but I can understand that Lee doesn't want to devote any more time to this project. Arnie'd's V8 will remain my version of choice, but this is the one I'll watch every time I want to see a recreation of the original technicolor appearance of SW. Bring on ROTJ. :D