I have to agree that as long as You can have both versions of a film, there should be no problem.
I think sometimes directors forget that the reason they are given the slack to do these "director's cut" "extended editions" is usually because the film was a success. And while that also means more demand to see "more", it also means that many won't like it if you mess with what they liked about it in the first place.
How do you please both camps? Release both! It's not that hard. And actually not that expensive either. Most DVD's and BD's come with two discs anyway.
Of course there is revision and then there is stupid. Greedo shooting first? Stupid! Replacing guns with walkie-talkies? Stupid! But like Ernest points out, you can get both versions if you like. Best of both worlds.
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