I'm watching the Blu-Ray version of Real Effing Deal right now. I must say, it's a pretty darned solid edit, and it looks gorgeous. From a technical standpoint it's pretty seamless so far, and I don't really notice what's been cut until after a scene is over and I have a chance to recall (although in all honesty, I've only seen the original once). Barring any serious flaws in the end of the film I think I can safely say I won't be missing the offical cut at all.
This cut isn't as as experimental as Gieferg's cut (don't expect any Soundwave vocoder voice or G1 music), but it's very well technically executed cut and I like it a lot so far. I haven't seen the earlier iterations of Real Effing Deal, but it seems to me like most of the complaints I'd read about it have been adressed in this version, so kudos to you, Kevinicus.
If you hate the Transformers movies, then I don't know if this is going to win you over. But if, like me you enjoyed the first but were sorely let down by the sequel, I think you will find this a much more enjoyable film than you remember seeing in the theater. It's still a flawed film, and in terms of plot it's still pretty poorly laid out compared to the first film (which I don't think even the most skilled of editors can truly "fix"), but it's still entertaining popcorn, and it's a movie I would feel comfortable popping into my PS3 when friends are over. And again, watching it on Blu-Ray is awesome! Having a solid fan cut that I can watch in picture quality similar to the official release is very much appreciated.
Also, on a side note, I have tested it both on my PS3 and the Blu-Ray player at school and have not run into any compatability issues.