This is a fantastic film, however, the R-rated 3-hour cut is clearly going to be the superior cut. The film has a few issues:
1. Heavily relies on exposition to explain the lore of the story.
2. The characters are underdeveloped, clearly, some scenes got cut and are being saved for the 3-hour cut, but the characters simply needed more scenes.
3. The pacing in the second and third acts is off, the director's cut is no doubt going to fix that.
This movie gets a 4/5 review from me: it's a good movie, no doubt about it, but clearly, the director's cut is going to be better.