First of all, congratulations for your effort. I've seen it already and it's definitely a step forward in the right direction, but still, it is not the film I would show to someone who has not seen the SW prequels. Not that I would show someone the original version, but this movies (I-III) still needs more tweaks to be good. Not that your edit isn't good, it's brilliant, considering how much limited your footage resources are.
Things that I liked are definitely:
The love story, relationship between Anakin and Obi and much faster pace, which is what this films NEED. Great idea that Anakin and Padme kiss for the first time before Arena - this is how it should have been done in the original cut. Anakin is now much more likeable, altough I still don't like how he looks like (but this is something you can't repair) and his acting is still wooden. Also, the opening crawl is brilliant - Looking forward how you will improve this in ROTS. Great thing was removing Jettster Dexter - this subplot was so lame, god, I can't believe Lucas could wrote such shit. I was always thinking that Zam Wessel should have told them about Kamino, like in your edit. There are many minor things that I also liked.
Things that I think that could be improved or I didn't like:
Still some stupid lines from Anakin left - Like the one where he is standing and meditating on Naboo and Padme comes in. I think it would be better if Anakin would come straight to the point - When Padme told him that she heard him in the night, he should have say her about his mother and his nightmare - Without this stupid "Jedi don't have nightmares bla". Yoda still does feel Anakins emotion, what makes him blind and stupid (thanks to RLM for pointing this out). If he felt that Anakins was struggling and using more and more dark side, why didn't he do something about it? There are still some problems with the plot - I know why you have removed the dialogue in the senat between Yoda and Mace, but without it, the audience have no clue how could Yoda come with all Clone Troopers in the deciding moment. Mace and the Jedi's coming to Geonosis is alright - he said earlier that he will deal with Count Dooku, so the audience will understand that. Although you have done a great job, improving the romance, there are my thoughts:
When Padme said to Anakin - "I'm not afraid to die", it should be everything and they should just kiss. Not this shit "I love you", bla bla, because Padme sound like she would reading the script. It's weak and sound like from a bad romantic movie. This scene is just perfect with "I'm not afraid to die", Anakins looks at her and they kiss. I don't know what to think about Anakin arguing with Obi about Padme on the ship, when they are following Dooku. I understand why you left it, but Obi sound again like a dick (hello original cut) and Anakin is stupid and can't understand that capturing Dooku is more important. I think it's to early for Anakin to care more about Padme than Jedi order. Look, he just met her again after 10 years a couple of weeks ago. On the other side he was Jedi for 10 years. Too early. In ROTS it would work (3 years later), but not here. And the last most important thing to the casual viewer - why do they get married so quickly? Not that you would understand in the original cut, of course not, Lucas showed again a middle finger to the audience. Maybe he doesn't understand that when young people loves eachother, that doesn't mean they are going to get married right after they realised they are in love. Unfortunately, because this is impossible to explain, I would suggest to cut the marriage out and in the ROTS cut out all statements that say they are married. Why does Anakin and Padme even need to be married? They can still have children. It is even not important for the plot in ROTS, that they are married. The movie can still be great without it.
I always thought that Anakin and Padme should have been hiding their love from other people (like Obi-Wan). Because in the original cut and sometimes in your edit, Obi is just stupid not to see it (Padme kissing Anakin when she jumps on this beast and caring so much about him when he lost his arm)
There are of course some minors things which disturbed me, but I don't want to point everything out, because it's hard to get ride of this things. You have still done an excellent job removing them.
BEST AOTC EDIT I HAVE SEEN so far. I'm waiting for your ROTS edit. Also, I wanted to ask something - do you plan to update your edits (also future edits) to HD? I mean not upscale, but do it from scratch? Because today, it's really pain in the ass to watch DVDs, and I'm starting to cry when I think that there is new BD set coming in September and I can't watch the prequels in beautiful HD, because it's so awful.