Ohh, I thought the one called "Director's Cut" would be the one the Director has been telling people to wait for, but apparently that's called "Ultimate Collector's Edition" and comes out in December:

 Originally Posted By: Wikipedia
In December, 2009, an "Ultimate Collector's Edition" will be released. The five-disc set will include the director's cut of the film with Tales of the Black Freighter woven in, new commentaries by Zack Snyder and Dave Gibbons, the complete Watchmen Motion Comics, and over 2 hours of bonus content including Under the Hood, which was previously released on the Tales of the Black Freighter DVD.


I'm waiting for that one to come out to watch the thing again. No way I'm seeing this movie three times in a year.