I first saw this movie somewhere around 1993-1994, on a copy of a copy of a copy of a VHS at a richer family friends' house. I have loved it ever since, despite it being approximately 30m too long.
Go for the directors cut. As to what is it similar to? It's pretty much like nothing else out there. It's kind of a tense thriller/drama. (To say too much would spoil the surprises) but if you like Cameron you won't be disappointed.
A new HD master aired on a premium channel around a month ago. Unfortunately just of the theatrical cut. You're killing me, Cameron. Get 'er done. True Lies, too.