It spells it as "protocol".
About the supposed quality loss... it just seems like the brightness has been lowered (that's good) and the contrast possibly been raised as well (also good).
The sound seems smoother and better equalized too. For example, on Rikter's set when Jar Jar cheers for Anakin after he won the race it cuts out the other sounds and it's all you can hear. It sounds natural and smoother in ADigitalMan's set.
I don't know, maybe I'm just going crazy.