I'm about half way through.
The Japanese Feds actually work rather well but I think Jar-Jar really needs to be dubbed into plain English.
Some of the subtitles are really good and add depth to the plot and the characters but some of the subtitles are so long that I didn't get a chance to read them and 'there's too many of them' (more of a problem in the first two acts).
Star Wars films usually have some subtitled aliens in there but this edit is playing more like a novel.
Dubbing Jar Jar into plain English would make it less of a reading experience and more cinematic.
Having Maul called Vader works fine (he can't be the same one that Obi-Wan talks about in ANH but it adds a layer of obfuscation which could pay off later).
Sidious is sadly still obviously Palpatine.
Employing some means of obscuring his face (either by leaving his cowl empty like JasonN or having a hint of the prune faced Emperor to be) would make the flaw in the original film disappear.
Some of the edits are very rough.
Sometimes the beginnings or ends of words have frayed off and ambient sound suddenly appears out of nowhere. The music cues are similarly choppy at times.
Sometimes the characters look as if they are responding to something that hasn't happened (the scenes in Anakin's home specifically stand out in this regard).
Jar-Jar still steps in the poop but cutting the almost all of the Padme/Anakin introduction really works, as does intercutting the Jedi and Jar-Jars' entrance into the city right into the invasion. I'm not sure how they could have pulled that off with Binks' stealth skillz but in terms of pacing I didn't miss any of the Gungan City stuff.
The picture is a bit on the fuzzy side but it played well enough on my laptop.
As a workprint I'd there is a lot to enjoy so far but if I were you (which I am not) I'd keep working on this one before moving onto the next.
I'll post some more when I've finished watching.