So I thought I might jump back into the fray after watching "Tolkieneditor's" fanedit of the Hobbit. It looks like we made several similar editing choices along with several dissimilar ones. However the biggest drawback to his version is the poor video quality. Perhaps the 6GB will look nicer but he's still working off a DVD rip of the first two films and a bootleg copy of the third. His version also contains a bit more CGI silliness that I thought should be removed.
That being said, I've gone and made a page on my website dedicated to my fanedit version: JRR Tolkien's The Hobbit. The idea is the same- cut all three films into one long epic that is more faithful to the book. My source media are the 1080p Blurays, so I won't be able to edit the third film until it is released (legitimately) this spring.
Here is the link to my fanedit info page:
JRR Tolkien's The Hobbit