Technically it's better to seek out the extended cut that aired on the Encore/Starz cable channels since its commercial-free and has all the profanity/violence un-edited. The ABC cut was censored.

I remember about 3-4 years ago Encore was running this extended cut frequently and I watched it a couple of times. It really is much better than the theatrical version and adds a lot more depth to the characters and the world they live in. I would love to get this preserved. From what I've heard, it seems unlikely that we'll ever get it on an official DVD given the animosity between Costner and Reynolds over the directing of the film. However they seemed to get along well during their commentary track for the Robin Hood: Prince of Thieves special edition DVD that came out 2 yrs ago, so who knows...