This cut is everything the first movie was not. Both more clear and more complicated. Less cheese, more character exploration. And finally, and ending that's less silly and more interesting. Yes, it could have ended at several places, and goes a bit long. But it's a fantastic road.
P.S. Though I personally can't stand the pillar box display, you do stop noticing pretty early on. I might make a personal edit at some point in 16:9; though it will trim some video out, it's still the way it was shown in the theater, and I don't think it will cut out anything important...