It's a two and a half hour long fan-edit of both of Ridley Scott's disappointments: 'Prometheus' and 'Covenant'. The first one tapped into the 'Ancient Aliens' hype as peddled by the History Channel and the second doubled down on this cringe, driving a stake through the Aliens franchise altogether.
The fan-edit is a more clinical/documentary style adaptation of the available footage (including bonus material). It follows the synthetic 'David' and explores his motivations and character arc more fully. It removes much of the cringe, but does not manage to excise all the Hollywoke stupidity. E.g. the study of micro-organisms was apparently never developed in this universe, explaining the complete and absolute stupidity of the characters in removing their protective suits in a xeno-biological environment or never bothering to put them on in the first place (as is the case in the second movie).
It was definitely a good attempt and it even gave off vibes of the original 'Alien' movie, but it also had a lot of smaller narrative plot holes. But all things considered, it was still better than the original.
Took me a while to sit down and watch it, but I finally did. I think it was pretty decent given the material they had to work with, and it's definitely an improvement showing the films in this way as one conjoined work, though it doesn't suddenly make the bad writing in either good, just more coherent.
Something I am curious about is how well it would be received by someone who hasn't seen both Prometheus/Covenant and went into Paradise blind. The first half of the film is a bit rough in my opinion due to the constant cutting back and forth between Prometheus (the past) and Covenant (the future), and while I had no issue following those constant shifts, I do wonder how someone who doesn't know these films would go with keeping up.
I remember watching RLM for their Rise of Skywalker video and one of them used the line "Did they spin straw into bronze", a joke about JJ making the best of what he could with the trash he was supplied with, and I think that's a similar case here. The base content of Prometheus and Covenant is trash and no amount of editing will suddenly make that good, but this fan edit has made the best of what he had to work with. It's an improvement, but it doesn't make it good.
Overall, if I ever feel the need to self-harm and want to rewatch either Prometheus or Covenant, I probably will just watch Paradise instead. Or I could just watch a good movie instead. But either way, it was interesting to watch and get given a different take on the presentation of the films.