The official DVD finally arrived from my Netflix queue. I watched it and the Recut the day after. I guess in some ways the recut works, but the transitions are abrupt. Overall, the two versions are more like a drama than a horror film. I don't think it's as bad as people make it out to be, but it's still not very good. At least Boorman was able to rebound with his following film, Excalibur.
Mitch -- FYI, there's a LD version of the recut out there. It doesn't seem like you had access to it.