I didn't know there was a director's cut until recently. I really liked the theatrical version, so I got the director's cut. For me, the benefit was at the beginning where I learned more about Balin's back story, but that didn't enhance the the movie overall - it was just interesting. Some of it, especially later in the movie was a bit disjointed and I didn't think fit together well. And some of it was redundant or detracted or not needed at all. Overall, I enjoyed the movie, but I always have. I probably wont watch the Director's cut again. Other than the backstory in the beginning, it doesn't add much to the movie except time.