Here's an excerpt from my review of 'Attack of the Phantom':
This is an amazing DVD. Technically sound. Dolby digital. Commentary track and "infinifilm" extras. Even some scene changes and rotoscoping - WAY more advanced than the Episode I cut, which was essentially a cut of the film that lasted maybe an hour. Clearly there was a lot of thought put into this edited version of Lucas' film. This isn't just cutting out characters he didn't like, but really looking at the psychology of the characters and the telling of the core story. The audience seems to be his primary concern. I think it you watched it, you might be surprised at some of the insights the Phantom makes on the film. It is easy to criticize Star Wars films. It is another thing altogether to recut the entire movie.
He starts out by deleting Captain Typho's "I think we're safe" line from the beginning of the film. The Phantom calls it an Friday the 13th moment. If you click the phantom logo that pops up, you can hear an expanded commentary with clips from the horror movies as well.
If you remember the Phantom Edit of Episode I, it was most memorable for removing Jar Jar from the film. Well, this isn't simply cutting a character from the film. Jar Jar is in the film! But several of his scenes are cut down to remove his dialogue, to make the audience feel that he has grown up. "Use him with value" and to help the audience "feel he is intelligent" and that he knows what he is doing.