Bit of a necrobump, but thought I'd chime in. Been getting fanedits for years, with the express goal of finding the perfect cuts of the prequels...
My two cents:
Episode 1: HAL 9000's Cloak of Deception- An absolutely brilliant streamlining of a horribly bloated movie.
ALT: I, not to be old fashioned, still also really enjoy Magnoliafan's Balance of the Force. His subtitled Jar Jar is very hilarious... and oddly even a bit charming in his arrogance. Certainly, he takes a lot of influence from the New York Phantom Edit, but his is better in almost all ways. Did we ever find out if he was Kevin Smith?
Episode 2: Trooperman's Shroud of the Dark Side Workprint- God, what an edit! It feels like a completely different movie, with new music, color correction, and very clever editing/effects. The rearrangement of shots is just so effective; showing it to my fellow film school friends, they agree that his version shows the power of editing. It's as if Marcia Lucas gave Attack of the Clones the form it desperately needed. I only wish it could be redone in higher quality. That said, the dubbing of Anakin is quite effective! Though it cannot fit cohesively with any other fanedited trilogy, it's certainly worth the watch!
ALT: HAL 9000's The Approaching Storm- a more straightforward fanfix, albeit one that thoroughly cleanses the film of its most egregious aspects. Thank you for cutting out the Yoda duel!
The Phantom Editor's Attack of the Phantom is also quite interesting, much better in my opinion than his first, more famous edit.
Episode 3: HAL 9000's Labyrinth of Evil is high up there for me. I loved a lot of L8wrtr's edit but fundamentally disagree with his decision to leave in any of Yoda lightsaber fighting. Note that I still do
ALT: I was blown away by Dark Force Rising when I come out and occasionally check it. To be honest, the superb video and audio quality of HAL 9000's is a big part of what puts it a few rungs above Kerr's edit.
Beyond that, I watched the Neon Noir edit. I really, really dug the concept behind it, and there was some very innovative edits- it's as if someone just had a list of all the different scenes in the prequels and ordered them in a brand new way. That said, the edit suffers in the quality department; though I realize the immense difficulty in replacing audio, it was just too distracting to have electronic music and the score of John Williams's clashing. Sometimes, a character would speak with the original underscoring audible, and, then at the end of the line, William's score would vanish abruptly. I would love a V2 with better audio work and video quality, even if all the actors needed to be redubbed (as Shroud of the Darkside proves, this can work).
I've been hearing GREAT things about The Blackened Mantle (Japanese 3-in-1 edit). I've watched clips and have been very impressed, but what I've seen. It's as if Lucas literally decided to pay tribute to Kurosawa. The dubbing is of good quality, and the subtitled lines, as I've seen them, are well written.