The film follows a group of people who work at Studio 54, a hot disco hangout for the elite class in New York City. Although they are successful in their career, the group members are on their verge of crash in normal life.
The most affecting moments are shards of sexual behavior... that existed only on the samizdat VHS, the degraded quality suggesting ghostly remnants of film's scissoring [and] the long-dead behaviors on-screen, debauchery and gaucherie alike.
...comes off like a high-budget cautionary tale, concerned that if it shows anything attractive about Studio 54, some young and innocent viewer might be corrupted...
The director's cut still has a pacing that lags during the second act, and now that the film's about the love triangle, the scenes with Julie don't really add anything to the overall story. That being said, it deserves a second chance in its new life.
[The Director's Cut] is out and proud, not at all shying away from the sexual aggression of Phillippe's character as he calmly removes his clothes for any gender.