Since I'm least familiar with ATOC than all other Star Wars films, I couldn't always remember scenes that were cut or recognize changes easily.
Some scenes I noticed were cut out was the Jedi Library sequence, most of the Anakin/Padme scenes on Naboo, and the Yoda/Obi/Windu exposition.
The "Love time" scenes on Naboo were cut and Padme's family was reinserted in it's place. The Yoda/Obi/Windu scene was replaced with the deleted scene between Obi and Mace when Obi takes off to Kamino.
I do feel that TCW *is* a better film than AOTC.
To put it simply, TCW is closer to AOTC than BOTF is to TPM.