The theatrical cut will certainly be better in some people's opinions. PJ himself has stated that the Expanded Version (not Director's Cut, he has said MANY times that he was well-pleased with what we saw) is a different version of the film, neither better or worse. I don't think anyone has...
Seth,
AFAIK, the theatrical edition is just that and the EV is just that. That's one of the reasons for multiple releases. And yes, extras are different on both.
PJ's interview in the latest Fan Club magazine discussed these very releases. I believe he said he was happy both versions would...