Production is well underway! If this was a traditional edit I'd probably be considered about 40% finished with the actual editing in Premiere, but that's a lot more generous than the actual number because I still have voice overs and color correction to take care of when the editing is over. I just made it up to the pod race and got as far as Jabba's intro (now without the gargling announces), and I've made lots of little cuts here and there. Overall I'm quite pleased with how this is turning out, and I think I will be able to meet my goal of making an Episode I edit that is visually pleasing and pretty close to seamless. I just hope I don't botch up the DVD, because that is definitely going to be the tricky part.
I'm also thinking about doing two versions of the release: one that has my new voice overs and story alterations, and one that is a more conservative, traditional fan cut that cuts down the annoying elements rather than radically re-imagining them. The "purist version" will exist as an alternative that fits more easily into existing Star Wars canon without altering the backstory or re-imagining the voices of characters like Jar Jar, whereas the regular version will be more the fantasy "What if it had been this instead?" cut. I'm not yet sure which version I'll personally enjoy watching more though, since not exactly the sort of person who loves listening to my own voice.
As I've stated before, The Phantom Edit is providing a lot of inspiration for what I'm doing in my edit, but I'm not following it beat-for-beat. There are some edit ideas from TPE that I've taken a step further, and I've also got ideas of my own. The "Regular" version will have a bit in common with the Magnoliafan edit, since it changes characters' voices and re-imagines their personalities and motives. Both versions will probably have an alternate opening crawl, although the "purist version" will be less modified since the background story will not be changed.