I would be curious to see this...
From Salon.com, by Daniel Kraus
The edit begins with the famous yellow scroll across the starry sky, only this time the scroll reads, in part:
"... Being someone of the 'George Lucas Generation' I have re-edited a standard VHS version of "The Phantom Menace," into what I believe is a much stronger film by relieving the viewer of as much story redundancy, Anakin action and dialog, and Jar Jar Binks as possible."
(Lucas' perplexing opening paragraph about "trade relations" and the "Imperial Senate" is gone. And we don't miss it because it wasn't necessary. Already, "The Phantom Edit" is making improvements.)
Twenty minutes have been cut from the original 133, and as a result the film is tighter and faster. Jar-Jar, who has been demoted to an almost silent supporting role, is actually enjoyable. (A different "Phantom Edit" has dubbed over Jar-Jar with an alien voice, giving him subtitled dialogue that turns the gibbering idiot into a wise sage, spouting pearls like "Children and fools ask more questions" and "Pride can blind you from the truth.") Likewise, young Anakin -- whose shouts of "Yahoo!" and "Whoopee!" made many "Star Wars" fans grimace -- is a thoughtful, much quieter protagonist.
Although entire extraneous sequences are missing (the journey to and from Jar-Jar's underwater home have been sliced), most of the changes are simply felt rather than individually noticed, as is the case with any good edit. The Phantom Editor has smartly taken advantage of Lucas' trademark "wipes" (a scene transition that scoots a new scene in from one edge of the screen to the other) to duck out of scenes early.