George Lucas, Star Wars' director/producer, said that although he himself hadn't seen a copy of the Phantom Edit, he is "delighted with the idea."* The spokesman for Lucasfilm, which owns the Star Wars franchise, said that as long as everyone has fun with the movie and "as long as nobody crosses that line -- either in bad taste or in profiting from the use of our characters," they think it's an interesting idea.
It's refreshing that in a day and age of encroaching corporate ownership over the contemporary fairy tales, someone has common sense.
*(from a BBC Online interview, June 7, 2001)