Too bad all movies are not released on DVD as a collectors edition with two versions of the movie. The theater version plus a second version with the deleted scenes put back in place for the full effect. I hate watching deleted scenes in snippets.
I haven't been following this discussion, so perhaps this has already been mentioned. But in case it hasn't, here's my take on the situation: I suspect BBM is getting "iconic" status treatment. On the Criterion DVD of Fellini's 8-1/2, there is a lot of talk in the commentary (done by film historians, friends of Fellini, etc.) about excess footage, but none is shown. I would think some must still exist somewhere. But the idea of showing excess footage from one of the best films of all time almost sounds sacreligious. This is a film that has been written about extensively by film historians, and one that has made all-time top ten lists frequently. (It's my favorite film, by the way.) When I watched the extras I was almost disappointed--some of the power of the movie is gone for me now, knowing how certain effects/scenes were done. E.g., the harem fantasy scene--I learned that Fellini waved scarves in front of the camera. I'd seen the movie 30 or 40 times and never really noticed the scarves specifically--I always just saw the total chaos. Now that I know how some of it was achieved that scene doesn't have quite the same magic for me it did previously.
I'm not sure I want to see a longer version of BBM, or material that was cut. I'm not saying it wouldn't be interesting, it's just that it might take away some of the power of the original.