I think a lot of that content is similar to the point of being redundant. But, and just to prove that I'm a teamplayer and willing to compromise with Lucas, here's my preferred ultimate set.

Star Wars:
1977 (Theatrical, sans "Episode IV- A New Hope") (Mono & Stereo Mixes)
2011 (Blu-Ray)

The Empire Strikes Back:
1980 (Theatrical; Stereo mix)
2011 (Blu-Ray)

Return of the Jedi:
1983 (Theatrical; Stereo mix)
2011 (Blu-Ray)

The Phantom Menace:
1999 (Theatrical)
2011 (Blu-Ray)

Attack of the Clones:
2002 (Theatrical)
2002 (IMAX... because, hey, why the hell not?)
2011 (Blu-Ray)

Revenge of the Sith:
2005 (Theatrical)
2011 (Blu-Ray)

Of course we'll all probably use the unwanted cuts/movies as doorstops but this kind of release allows everyone to save face. Sell this thing as a complete set with no standalones and nobody will know for certain if people are want the originals or if they prefer the updates.

Sound is just as important as anything in Star Wars so I think it's important to include the original sound mixes where possible... yes, including the mono version of ANH. As far as the OT goes, I don't see how remixing the sound for 5.1 (or whatever) is any less offensive than throwing in a bunch of bullshit CGI effects. Both revise history in their own ways. I want what was most commonly seen and heard on opening day for each movie.