I've just watched this, and I must say it was very well done. I think it meets its goal of "avoiding making changes that would betray to the audience that they're watching a fan edit." by being honest about the overall flaws of TPM and the PT. It can be fun to re-dub or sub Jarjar and to pretend he was written as a hero, but it requires quite a lot of imagination while watching to pretend the effect works. There's still a bit of JarJar remaining, which probably took a bit of restraint.

Instead, this edit felt more like selective memory, if thinking back on the (relatively) better working parts of the film. Many of the most cringeworthy moments are gone with no deleterious effects. As someone with a not-quite-vivid memory of the movie, most of the actual missing lines went unnoticed. I did, of course, recognize the lack of the underwater scene, and the scene on the stairs. Patching up Anakin's Naboo fighter battle, essentially a required edit, was done seamlessly.

On the technical side, almost everything was very smooth. Wipes and audio transitions seemed clean. I didn't have any real problem with the SD deleted scenes (inclusion of deleted scenes is nice here, but will be essential in II and III). I do prefer the podrace without extra music, so thanks for the option. There were a few audio cuts that stood out strongly. But this seemed much less obvious when I tweaked my stereo/surround settings. Visually, the only cut that I thought fell through was at 25:14. I forget what line is cut, but I feel it might not be so important that the visual discontinuity and teleporting R2 and person in red hat are required. Anyway, it's only one thing, and quite minor. Certainly doesn't change the fact that this is now my favorite edit of this film.