I can see both sides, depending. Some of the deleted parts I've heard about I think might detract from the movie. The hippie scene, for example, sounds out of place. I would definitely oppose the inclusion of those rumored scenes that would make the ending less ambiguous. And I wouldn't want to mess with the movie's emotional restraint and mystery.
Other additions might be nice. The beans camping scene, for example! I've always thought that one was too abbreviated in the film -- the only way I knew "look what I brought" meant beans was from reading comments on BetterMost; originally I assumed he meant horses.
If Ang re-edited and used every bit of wisdom and discretion and artistic mastery that he used in making the original, stretching the movie as much longer as possible without changing the overall effect in any way, I'd be OK with it.