I heard that, I have the action figure with the jets (boosters the pack calls them) but I've never opened it so I don't know what they look like.
I think the scene, which is in the novel, has R2 D2 fall off of the floating platform on Coruscant as our heroes are about to depart to return to Naboo.
R2 wheels to cloise to the ensge, falls off and then bobs back up with the jets coming out of his main body.
I guess it was cut because it's such a domb idea in the context of the film as we have never seen a Astromech droid fly.
A cool idea if this was the first film to be seen but not after seen so many astromechs in the OT.