Yup - the longer version with updated effects for me. I will admit that I could probably live with shorter or fewer reaction shots in the later part of the film but I like all the dialogue.
I actually did that once, a long time ago. I rought edited it by keeping everything excpet the scenes of the crew reacting with no dialage in that cut.
Cool! And did you think it was better overall (rough edit aside)?
I liked it but what was really interesting is that I did it while I was in college. One of my advisers was a big fan of Star Trek and had the same feeling as most Trek fans about TMP. So I loaned him my tape I made and he said it was a completely different movie and he loved it. And I had taken very little out.