What's the difference between the first edition and the unrated version of It's Not Another Teen Movie? Is it worth picking up if I already have the original?
Do a search on this forum -- someone intimately familiar with the film posted a list of the differences.
Bottom line was that the unrated edition is a bit better, but it doesn't include the commentary tracks that were on the original (the other extra features are pretty much the same).
Each version has its merits, not just because of the versions of the film but also because of the unique extras on each release. For this reason I kept both versions and combined them into my own 2-disc special edition in a double amaray case.