What I've seen is low quality (quicktime), very raw, and lacking special effects.
I tried to find decent footage of it myself for an edit a year or so ago. I was looking to make an expanded cut.
bigrob: What PC CD-Rom are you referring to?
Scenes featuring Michael Berryman the "Skull Cowboy" were cut. When Eric is dead, he is visited by the skeletal character. In early scenes, he merely tells Eric to "Follow the crow", but later he explains why Draven is "alive", namely, to kill the bad guys and reunite with Shelly. A problem: "You work for the living and you bleed." After Sarah is kidnapped, the Skull Cowboy appears to Eric for the final time and tells him that it is time to return to the land of the dead and give up the concerns of the living, Eric refuses, and Skull Cowboy tells him. "Then choose and be damned!!!" This is why Eric gets hurt at the end, not because of the crow being shot. (This one was previously located under scenes cut unrelated to Lee's death, but Jim Timko informed that they were in fact cut precisely because of it. Apparently, O'Barr felt it would be in poor taste to leave them.)
The Collector's edition DVD does contain several extended scenes that could be added back.
More change details here: http://ishmaal.spitfire.com.au/html/edited.htm
I just remember how well the Skull Cowboy worked in the TV series and wished they'd put it back in the film. Maybe some anniversary edition.
Edit: YouTube clip of Skull Cowboy. http://www.youtube.com/watch?v=ciDeoMDAPMA