Get both. Seriously. Watch the "uncut" version first, and then watch the director's commentary on the "Director's cut" version to get some background. They play the whole film through, with a superimposed audio-only chat between Petererson (the director) and Prochnow (the Captain) and a couple of others. Informative, interesting and entertaining.
If you've got a good sound system (I haven't), you might also appreciate the soundtrack of the "Director's cut" version, in which all but the dialogue audio was re-recorded from scratch for Dolby surround-sound. The voice tracks were restored from the original tapes, too.
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