Because Lucas made the least amount of changes to ESB, I would think that ANH and ROTJ will be a more interesting comparison for you. (assuming you haven't seen original ANH yet).
ANAKIN: I don't like this script. It's coarse and rough and irritating, and it goes nowhere. Not like your dialogue. it's soft... and smooth...like plaster board.
I see alot of people ask "why did Lucas make Anakin grow up on Tatooine?" I think Lucas did intend for that part of it because in ANH, Ben tells Luke that "your uncle didn't hold with your fathers ideals...thought he should have STAYED HERE and not gotten involved."
The fact that Luke has kept the Skywalker name in ANH, is because Lucas didn't initially intend Vader to be Lukes father, why go to the trouble of hiding someone if you're not going to change their name, Ben did...and the fact NOBODY involved in the filmmaking knew until ESB that Vader was his father further indicates that Lucas created or incorperated the idea later down the line, after he knew it could be futher explained in a sequel.
R2 and 3PO create big plot holes, caused by Anakin creating 3PO...if Lucas really felt the need to force them into the story, wouldn't it have been more plausible to have Anakin make R2 instead??, wouldn't someone who is supposedly interested in becoming a pilot, or already is a pilot want to create a astro droid for navigation and repairs, instead of a protocol droid which is more suited for a political person like Anakin's wife? Having Padme' own 3PO, and Anakin create 3PO would have solved the Owen knows 3PO plot hole...Ben not knowing R2, is also a bit of a stretch, but probably could have been smoothed over by not having R2 running around in Episode 3 with himself and Anakin, then referring to R2 by name many times....Too bad Ben never remembers owning a droid (R4) either....
Owen is another plot hole, originally he was supposed to be Ben's brother...he could actually have been Anakin's brother, but because Luca made Anakin an immaculate conception without a father, kind of ruins that chance....instead he's Anakin's half brother and doesn't come along until Ep2, and is never really shown having a disagreement with Anakin leaving on a "crusade", or for that matter how Ben even knows about Owen since they never meet until Ben is ready to drop off Anakin's child....a poorly explained and wasted character.
I actually hadn't thought about the senario in detail...it's pretty funny actually.
It boils down to Lucas trying to fill plot holes, but made more in the process.
I think the initial idea was distorted in the prequels, In the ROTJ novel it's kind of expanded on (which Lucas approved, but has since been abandoned).
From ROTJ Novel
"When your father left, he didn't know your mother was pregnant. Your mother and I knew he would find out eventually, but we wanted to keep you both as safe as possible, for as long as possible."
Instead Lucas changed it so Anakin did know about her being pregnant, he ends up turning because he has visions of her dying during childbirth, the unborn child may have something to do with the turn, but you're given the impression it has more to do with learning the power to save his wife from death.
and
"When I saw what had become of him,I tried to dissuade him, to draw him back from the dark side. We fought...your father fell into a molten pit, when your father clawed his way out of that fiery pool, the change had been burned into him forever".
Again more changes, Anakin catches on fire at the bank of a molten river instead of falling into a pit, how he burned up isn't really that important, but the fact that Kenobi never sticks around to see him climb up the bank of the river, or pit as it was...adds more confusion to the logic of their thinking.
And the Leia "remembering" thing:
""...and your mother took Leia to live as the daughter of Senator Organa, on Alderaan".
You can tell it was the plan to have Anakin's wife survive and go live on Alderaan, then die from some unknown cause like a broken heart or some nonsense, when Leia is little (since Leia remembers some details in ROTJ) ..... I guess Lucas didn't feel like he could let Padme survive Episode 3, and leave her death unexplained between the movies, which is understandable I guess...He could have painted himself out of the corner with Anakin causing life threatening injuries to Padme, and having her die after spending some time with Leia or something....blech.
But basically he changed so much stuff around on these prequels, all it did was make Kenobi and Yoda look like illogical cowards, he turned Anakin into a desperate idiot ..instead of being obsessed with gaining power, and Padme' a melodramatic depressive.
I considered doing the conversions about 2 years ago with the Definitive Collection, I abandoned the projects mainly because I didn't have the time, or resources to give it the detail and effort it was due.
Since then, I've found that there are so many great and more technically knowledgeable people on this site putting their efforts into these movies (with great results) that I decided to put my spare time and effort into doing my own edits of the prequels.
No disrespect to any of the other great versions out there, but from what i've seen I have highest hopes for the X0 project, weither or not, i'll ever get to see it.
I'd say that if you have the time to dedicate, and the passion to go through the effort....go for it.
I was also 5 years old (almost 6) when I saw ANH for the first time in 77' with my dad, it was the first movie I remember seeing in a theater, before that my parents were afraid any movie they took me too I wouldn't sit through.
I'm not sure if I blinked once through the movie, my dad was so impressed, that as soon as the toys came out, he took me to a local store (that no longer exists) and bought me 5 or 6 of the figures, then I remember going to Burger King and buying the drinking glasses, bed sheets, posters...ect. all of which I still have to this day....I ended up going about 10-12 more times with family and friends that summer, great memories.
I wanted to take my 4 yr old son to see one Star Wars movie in a theater (in memory of my dad) but ROTS being PG-13 and my son being younger and more hyper than I was...I decided to go by myself first...I never ended up taking him because I just didn't think he'd sit through it....He still doesn't, but loves the DVD, he's as much into Star Wars now as I was...Now I have to deal with my wife rolling her eyes at us....it's worth it.
I think Ian is a decent actor, the fact of the matter is everyone else has acted like plaster board though these movies, so a decent acting job comes off better than it normally would in other movies...but in ROTS he's hardly above critcism while being the Emperor.
For one thing, I don't understand Ian's portrayal of Sidious/Emperor, I don't know if Lucas told him to act like he was Pi-Polar, but one minute he's refined, the next he's monotone, the next over the top, the next he's the OT Emperor, no consistancy...acting or voice wise. I wouldn't care as much if Lucas didn't already establish the OT Emperor to go by, which through out always seemed refined yet arrogant and confident, even while torturing Luke, or maniacally laughing he doesn't really act like the Prequel Emperor....which probably isn't totally Ian's fault since Lucas probably told him how he should act the part.
I thought Hayden did an OK job, I thought he came off like he was supposed to, conflicted...I don't know about those faces he was making while being named Darth Vader, but I thought he did alright as well as Ewan....Portman and Jackson were still crappy.
I think Smits is a decent actor as well, but never in a million years would I have thought of using Jimmy Smits as Bail Organa, or for that matter Samuel Jackson as one of the great Jedi Masters....Lucas casted well for the OT, but he had no clue for the prequels.
Lucas had so many great pieces of a backstory to work with, comparing those ideas to what actually Lucas decided to do with them, is really dissapointing.
Nearly every key element he had developed for a backstory during the course of making the OT, is painfully underutilized:
Episode I was the most damaging chapter to the entire prequel story, dozens of key elements are changed, or explained in a unoriginal and even unsatisfactory ways, Such as:
Anakin in Episode I, is portrayed as a nine or ten year old boy, which immediately places the core of Anakin's development on the shoulders on Episodes two and three, not only that, but another key character is left underdevolped, Obi-Wan... for 98% of the film Kenobi is left in the role of sidekick to a created charater (Qui-Gon), and this created character takes away the discovery of Anakin from Obi-Wan, takes away any development in relationship between Obi-Wan and Anakin...and tries to make an unplausible beginning of a romance between a 9 year old slave child, and a 14? year old Queen...
Midichlorians and immaculate conception...cop out plot devices, used as excuses for the Jedi to consider training Anakin, instead of actually having Anakin prove his abilities onscreen during the course of the Clone Wars or course of adventures between Kenobi or Anakin....making Anakin a 9 year old child makes Anakin fighting in battle and proving his abilities not very feasible...Lucas instead chooses to have Anakin prove his abilities in a Pod-Race and by "accidently" blowing up a droid command station....ooops!, as Anakin would say.
Episode two is handled a little better in the sense that some key plot points are used, unfortunately they aren't used well, and because of the failings of Episode I, only at the end do the Clone Wars begin. Instead of the Clone Wars being used as the backdrop for Episodes I and/or II for character development, the idea is thrown aside, Instead, Anakin and Obi-Wan are seperated for the entire middle of the movie because of a single Bounty hunter. Anakin is left not this time as a yipping 9 year old, but as a whiny adolecent sporting poorly scripted angst driven "I've got to have you" pick up lines..Obi-Wan is given a quest to discover the bounty hunter's identity, and in the process discovers a huge clone army being made from Boba Fett's father...financed by somone named Sifo Dyas, who we have to assume is either Sidious or Dooku.....again a waste, the bulk of the Clone Wars are explained off between Episodes II and III, poor dialogue ruins the relationship and development of Anakin and Padme', hardly anything is is shown between Palpatine and Anakin, or Kenobi and Anakin for that matter,except for some quibbles they have at the beginning and end of the movie....and for added measure Yoda is thrown in with as a cheap entertainment device with the suddenly uncharacteristic ability to flip around at hyper speeds with a lightsaber.
Considering the amount of ground that had to be covered ROTS was bound to be unbelievable and rushed...as was Anakin's remakably fast transformation to the darkside, the how quickly the Jedi were defeted by troopers...amazing considering the Ewoks managed to do it with relative ease, and the overnight transformation of the Republic to the Empire complete with Star Destroyers overlooking and Death Star in construction....Episode III is suprising considering a significant amount of time is again wasted on a loose plot point (Grievous) and the fact all the information left out of the other two movies had to be compacted into one movie, complete with filling loose plot points (which was unsatisfactory)......vaguely, this is why Lucas failed.
I don't think The additon of the Wampa scenes improve it at all, I think seeing less of the thing adds more suspense, the Wampa roaring in pain looks cheesy to me.
The Clive Revill Emperor was better acted than Ian's new performance....Ian is too monotone, he looks drunk or like he had too many hits off the old bong....I'd like to see them try it again, but I doubt it.
The Bespin backgrounds look pretty good, but the CG Falcon flying through the city looks less realistic to me than the prop/model did.
I'm hoping Lucas decides to remove the new Boba Fett voice, for the few lines he had I thought the original voice had more character to it...don't care for Morrisons.
"alert my Star Destroyer..." really, nothing wrong with the original , since it didn't screw with the flow of Luke being rescued, I never wondered how Vader got back on his Star Destroyer since he'd already said "prepare my shuttle".
I was overjoyed when Lucas removed Luke screaming.
So I'd say I'm fine with the addition of the Bespin backgrounds, I'm fine with Ian, but he needs to reshoot the holo scene....and everything should be restored as before, A few matte lines could be touched up, and maybe some retouching on the rotoscoping.