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"This laserdisc presents the original edition of Close Encounters of the Third Kind with one shot from the Special Edition that was included at Mr. Spielberg's request (side 1, chapter 8, frames 33962 - 34118)."
So it's the original cut with the Special Edition scenes at the ends of their respective disc sides. One has the choice of watching the original cut straight through or programming the laserdisc player to insert the Special Edition scenes at the appropriate times.
I have this Criterion laserdisc set and have tentative plans to transfer the "original" cut to DVD in the near future with a second disc that will include all of the supplementary material.
From what I gather, the film was a rushed production and Spielberg did not like the '77 cut. The studio allowed him to recut/ refine the film only if he added the scenes of inside the mothership to the ending. It seems that "Spielberg's cut" would be the Special Edition sans the "inside the mothership" ending.