Finally got to see these over the weekend thanks to Rikter.
Magnoliafan's edits are really quite amazing- he managed to clip out just about very wince-inducing moment, shape some of the neutral bits to better support the action, and removed some of the wishywashy dramatic copouts (like Dooku being 'just another sith').
"Ballance" was a much more dramatic change- there was far more weak material here to resculpt- but "Clone War" also showed some major improvements.
All told, the things I like about Lucas- his ability to do really amazing visual storytelling- was enhanced, while his real flaws (his tin ear for dialog, and love of cheeze-mo cleche) was reduced to non-offensive levels. I would have been a bit more brutal cutting out some of Portman's cheezier lines, and would have made Jar-Jar's cursing more "starwarsy", but generally I have no real complaints.
Simply put, I like Magnoliafan's edits BETTER than the theatrical or DVD cuts of the films.
I have some real hope for "Revenge" though- the preqs seems to be improving even without Magnoliafan's hand... perhaps the third one might not even need an edit....er...nah.
You know what would be some funny stuff though? Take dialog from other movies (like Pulp Fiction and Train Spotting, for example) and cut it into the movies with the right actors...
-B