The original 1979 Theatrical Cut is still my favourite version of the film.
I went to see the Director's Cut twice, back in November, 2003. I enjoyed it (obviously), but didn't agree with the many trims and edits to the film (to accommodate the 'new' material for a more streamlined edit acceptable to modern audiences).
The deletion of the scene with Dallas and MU/TH/UR, and the inclusion of the 'cocoon scene' (with new placement, and sadly truncated) was what really ruined the 2003 cut (for me) - I did, however, appreciate the use of the more polished takes for the deleted scenes (Lambert slap was / is a favourite).
I would have enjoyed the Director's Cut even more - if the bonus material had been added without any edits to the surrounding material - for an extended, rather than alternate cut.