Star Wars: Episode II is now on Video and DVD. Personally I have it on widescreen DVD but have also viewed it on fullscreen. I would recommend buying the movie for any Star Wars fan. It is very well done.
I was recently asked if I heard anyone was planning on AMENDING Episode II and the answer is a definate NO! Episode II is great and does not need to be cut.
As for the old trilogy (Ep. 4-6) the only movie which could stand to be AMENDING right now would be Episode 4. The problem is, Episode 4 was such a turning point in the science fiction genre that I'm not sure if anyone would be comfortable editing it.
So for now the only movie I believe needs to be AMENDED is Episode 1.