I liked Lynch's Dune over the sci-fi channel's. Its always been a personal favorite of mine.
Although I did like Children of Dune. I found Sci-fi's to be a bit droll.
Now the Smithee version, I really liked the intro it has, it does add more background into the universe
of Dune, far more than Princess Urlan's intro. I also like the added scenes in this version.
But I do not like the narration track that is over the entire film. I perfer Lynch's version where the actor's have thier own internal thoughts.
Also I have no problem with the "Weirding Modules", I think it enhances the mystique behind Paul and his abilities with out needing the device.
Also doing a fan edit of this, (while I have thought of doing it myself). May prove difficult, and I don't know how you would intergate TV quality 4:3 (as far as I know the only way the smithee version comes in since it was created for tv), and the HQ theatrical 16:9 version. (see that was already mentioned).