I have completed rough cuts of The Phantom Menace and Attack of the Clones, and begun work on a rough cut of Revenge of the Sith this week. One of my biggest issues with the PT is that it assumes you've seen the OT, but for the younger generation (and as a film fan) I want to be able to watch the series, in order, without having key moments ruined (i.e. Vader's comment in ESB). Along with that I want to fix continuity issues between the PT and OT so that they flow better, as well as the standard cutting of unnecessary dialog and scenes.
A full cut list will be forth coming, but it is safe to say the biggies that covers all three: less Jar-Jar, Yoda doesn't have these massive lightsaber battles (he is nearly 900 years old) and no R2D2 or C3PO. I've also reworked the romance in AOTC so it feels more organic.
If you're interested in looking at the trailer I put together...
My Complete Fanedit List @ IFDB