hmm I think i saw the Cut production last year at unsw. It was minimalistic - everyone was in white and all the actors were young. It emphasised the universality of the emotions/issues that King Lear portrays by downplaying the relevance of them being royalty - many references/scenes to such were actually excluded.
The exclusion of a lot of scenes also meant that the Edmund/Edgar subplot became more prominent even than the Lear plot, again emphasising the importance of family/loyalty/insight/perception.
There was a lot of use of digital media and there was a recurrence of "flies" as a motif whenever Edmund appeared. The director explained this as being a reference not only to the "like flies to wanton boys..." quote, but also to Edmund's regard of himself as being *above* nature. There is a scene when it is storming, and its shown by a "snow" being projected onto the screen at the back of the stage (think television reception not quite tuned kinda snow...), and when Edmund enters a hole in it appears so that he is not affected by the 'storm". (I can't remember the production well enough to go into detail, this is all off the top of my head, which means i've wasted a lot of space in my mind already remembering this...)
There was no fool - the directors took the stance that the importance of the play was in the themes and values rather than the clever wordplay etc that the fool brought to the play.