I've had the opportunity to view a copy of the workprint Richard Williams cobbled together (consisting of finished footage, storyboards, and pencil tests), and it gives a good idea as to what the movie would have been like if Williams had managed to finish it.
Is it better than the Miramax version? Most definitely. Miramax vandalized the movie by adding those voice-overs for the Thief and the Cobbler characters - a ludicrous idea, since these characters were designed to be SILENT. Seeing these quiet characters not moving their mouths - but hearing wise-cracking dialogue, and dialogue that doesn't fit the character's personalities - is infuriating and very distracting. Though Miramax didn't do all the butchery, since the movie was significantly cut by other hands, and with poor linking animation added. (Not to mention some HORRIBLE song numbers.)
The workprint beats the Miramax version by far - but it's not perfect. True, seeing all that uncut animation - AMAZING animation - makes it a must see. It's breathtaking at times. But if the movie had been finished, I'm sure critics and audiences - when not gushing about the animation - would have criticized the story and characters. There's barely a story here, and it takes forever to get going. And once it gets going, there are plenty of times when the story stops for a pseudo intermission. Apparently, Williams was so charmed by all the vignettes that he thought up (mostly to do with the Thief bumbling around and making an ass of himself), he didn't want to leave any of them out. Seen by themselves, the vignettes are funny and a wonder to the eye. But seeing one after the other...well, it gets tiring after a while.
As well, with all the effort put in making visual splendor and animated gags, it seems not much was put into fleshing out the characters more than they are now. (Though they all have a charm that carries them further than you'd expect.)
Though I do have some sympathy for Williams for the heartbreak he suffered after being fired from the project (after working on it for more than 20 years!), he must accept his share of the blame for his firing and the eventual butchery of his project, seeing that he constantly went over time and budget, and refused to stop "improvising" as well as avoiding scripts and storyboards.
Anyway, seek the workprint and avoid the Miramax version!
