The first film is locked and on schedule for a early June release. (Originally listed as May which was incorrect.) Here are the details:

Original Run Time: 136 minutes
New Run Time: 93 minutes

Intention: Like many fanedits before it, my version aims to cut bad acting, bad dialog and streamline the film. I've also attempted bring the prequels in alinement with the original trilogy by cutting anything that broke continuity. I really want viewers to be able to watch Episodes 1 - 6, in order, without having key moments in the later films spoiled. Anakin no longer is C3PO's creator. In fact, C3PO and R2D2 are no longer major (minor?) characters in the PT. They are now just like any other droid. They do have minor dialog here or there, but they are never referenced by name nor are their rolls significant.

Cut List
This list is in noway complete as there are a lot of minor tweaks I'm not referencing, but it should give you a good sense of changes. I've bold the changes I think are original (though I'm no expert and haven't seen many of the SW fanedits out there) so if I'm wrong please correct me.

- new opening crawl
- cut "As you know our blockage is perfectly legal"
- cut Qui-Gon telling Obi-Wan that the Trade Federation are cowards
- cut the first "What?" in "What? What did you say?"
- cut "Are you brain dead?"
- trimmed Jedi's being served drinks
- cut "Is that legal?" and "I will make it legal."
- cut "Look!" from "Captain! Look!"
- cut all droids talking
- cut "We lost the transmission sir!"
- cut "Yes sir!" after "Seal off the bridge."
- cut "That will hold them."
- cut "This is impossible!"
- cut "Where are those droidekas?"
- cut "Its a standoff! Let's go!"
- cut "They're no match for droidekas."
- cut "They've gone up the ventilation shaft."
- cut "You were right about one thing, Master…"
- cut "A transmission from the planet" and "It's Queen Amidala herself."
- cut Jar-Jars bad jump down when Qui-Gon says, "Stay down!"
- cut "Mores did you speak?"
- cut Jar-Jar explaining he was banished
- new transition to Gungan city
- cut Jar Jar being arrested
- cut "You didn't tell him about the missing Jedi"
- cut "Ah! Victory!"
- cut journey through the planet core
- cut "Either choice presents great danger…"
- cut introduction to R2-D2. (He is just another droid in this trilogy.)
- cut "That little droid did it!"
- cut "Now there are two of them."
- cut most of Jar-Jar's antics on Tatooine
- reworked Padme and Anakin's introduction
- cut "You think you're some kind of Jedi…?"
- cut most of Anakin's bad dialog
- cut Sebulba trying to strangle Jar-Jar. In fact, Sebulba is just another racer.
- cut introduction to C3PO. (He ends up being just another droid in this trilogy.)
- recut Skywalker dinner scene
- cut Anakin working on the racer
- cut "midi-chlorians"
- cut Qui-Gon using the force to win the die roll
- pod race announcers no longer speak in English
- reworked pod race to speed it up
- cut Anakin presenting Padme with a neglace
- cut the explanation that Coruscant is one giant city
- cut Anakin going to see Padme
- cut all references to Anakin being the Chosen One, as well as talks of a prophecy
- cut Obi-Wan thanking Qui-Gon for believing he is ready for the trials
- cut "No, I beg you to help us"
- cut Jar-Jar being promoted
- reworked final battle, changes include: no Gungan stupidity, no grapple hooks, and - Anakin doesn't accidentally save the day (in fact, Anakin doesn't even go into space)
- cut Qui-Gon's dying speech to Obi-Wan
- cut end celebration

Special Thanks to the following for their input on this edit: Dwight Fry, L8wrtr, Neglify, Quickcut, and TV's Frink.