Just like with the Phantom Menace/Cloak of Deception, the recut of the film makes a massive difference. I'd been aware of all the deleted scenes, but seeing them play out (seamlessly, I might add) gives so much more context and depth to the film that you have to wonder why they were cut at all. They vastly improve the Anakin/Padme courtship, the role and concerns of the Jedi feel much more balanced overall, and it just gives the film a significant amount of depth. Another fantastic edit.
Improves the biggest weak point of the theatrical cut: Anakin is not more likeable, but less dislikeable and his relationship with Padme feels more natural with the removal of some of their dialogue. Again, an improvement over the theatrical cut.
This edit absolutely transforms the movie and hits all the stated goals. This really demonstrates the power of editing. The story arc is clear, and the numerous annoyances of the theatrical release are almost entirely expunged.
One of the biggest fixes accomplished is Anakin's character story arc. He no longer comes across as a whiny brat, but is now a deeply flawed personality. While there is potential (why the Jedi take him under their wing), he shows anger management and impulse control issues. You can see him bending towards the dark side.
The love story between Anakin and Padme is no longer cringy, but believable. Yet, there is that bit of creepiness & foreboding from his character flaws. It makes sense with the overall story arc--and the fact that we all know how it's going to end.
The relationship between Obi-Wan and Anakin is much improved. Now it's more of a sensei-student feel. A sensei with misgivings and concerns over the issues his student is displaying.
Finally Jar-Jar. Not much can be done about the goofy patois speech pattern he is saddled with, but his small cameo here is restricted to just what he is needed for and he comes across as at least a competent government representative.
The trimming also allowed the political machinations to show. That became a much more interesting piece of the story arc when not obscured by the annoyances and silliness.
This is the first fanedit of Episode II I've watched, but I will be surprised if I find a better one.