I have two versions - the director's cut and the full-length version (made by seamlessly combining the miniseries episodes). If I was to pick only one of the two, I would pick to full length version. I think the added content adds a lot to the overall feel of the movie. Also, just a note, I have a 42" widescreen TV, and an older DVD player that outputs 480p. The director's cut is a 'superbit' DVD, while the full length version is not. In my opinion, there is much noticeable difference in quality between the two, so I wouldn't let that sway your decision. Enjoy whatever version you choose!
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