The directors cut version, which was the one I saw, was very long for this type of movie. Almost two hours is way too long. If you have the choice, definitely go for the non-directors cut.
The main plot is almost not taken up at all, the movie consists to the main part of several murder scenes, which are connected but the feeling is that they're only shown in order to fill the movie with splatterish violence. The connection is not revealed until the latter part and the lack of context bored me out long before I was there.
As a horror movie it doesn't work. You never get the required feel for the characters due to mediocre acting and the general disposition (character is presented, 15 minutes later character is dead). This pictures strong side lies in the splatter part.