I still think it's the best fanedit, because even though there are others that technically did 'fix more problems', this is the only one that to me, feels like a film, and not like a mashup.
I love his commentary. Without coming across as dismissive of other excellent fan edits, Phantom Editor wanted to make a better version of George Lucas's movie, not the version he personally wanted.
This is precisely why I like the Phantom Edit the best. It improves without trying to reinvent. Every subsequent cut I've seen is too contrived for me to just watch. I've always said, the bit where Jar Jar getting zapped in the face sums up what is great about the Phantom Edit. It's still there, but he cuts away before it becomes grating.
Anyway, a HD version would clearly involve starting from scratch, but I would still like to see it done. The only change I'd like to see is replacing the phantom crawl, which in this day and age is pretty redundant.
I'd do it myself, but I don't know how, and I don't have the hardware capacity at any rate.