AThe directors cut was released in 2004. Apart from a live performance of the song "Little Egypt" by Cher, it also contains the funeral of Red, a friend of the family. So this raises the question, whether the director's cut is worth it or not, if there's nothing more than those scenes. The answer: it definitely is, although one could go without those additional scenes. The main reason that speaks for it is another one. In 1985 Bogdanovich decided to take songs by Bruce Springsteen. On the one hand because he thought they captured the zeitgeist of this period really well; and on the other hand because the real Rocky was a big fan of Springsteen. But due to an argument between Universal Pictures and Springsteen's Label, Columbia Records, the songs were removed from the movie and replaced by songs of Bob Seger. Springsteen himself took a stand for reinserting the songs into the director's cut. So now you can hear "Badlands", "Thunder Road", "Promised Land" and "Born in the USA" by the Boss. A detailed comparison between both versions with pictures can be found here.