Just finished watching this and my first thought was, this is as good as it's going to get. I've only seen the original a few times and hated it more and more each time, but found this one to be much more tolerable. At its core, it's still a pretty bad movie, but at least with this version it becomes watchable. You got rid of everything you possibly could without really affecting the flow of the story (still a bad story no matter what).
I watched the AVCHD version and the video and audio quality was excellent. I didn't really notice any hard cuts. There were a few quick transitions or really short sequences, but its better than the alternatives that you removed. I loved how you incorporated the Raiders score even though it felt a bit overused, but again it's better than the alternative. My main complaint about the audio is that the replaced score is LOUD. I had to turn down the volume several times when the score came in because it was blasting through my speakers and was at a much higher volume than the rest of the audio. The sound effects and dialogue sometimes became lost in the loudness of the score as well. The score could do with probably at the very least a 3dB drop, probably a bit more.
As far as entertainment value, I'd probably still only give this movie a 6/10, but that's much higher than the 2/10 I would give the original. It feels more Indy-like and Indy himself is less of a caricature and more like we remember him. Unfortunately, him and Spalko are the only somewhat interesting characters in the whole movie. Mutt, Marion, Ox and Mac are just terrible characters who just feel out of place throughout the entire "adventure", but there's really nothing you could do about that.
Overall a very good job making an ok movie out of a terrible one. I really like how you did an HD version and wish more people would follow that path. I don't have a blu-ray burner so the AVCHD version was perfect and the quality was superb. Looking forward to seeing some of your future edits.
Video: 10/10
Audio: 9/10 (only because of the LOUD score)
Entertainment: 6/10 (original is 2/10)
Overall: 8/10