Here is a list compiled by another poster a while ago that details the additions as well as deletions that were made to the Director's cut version of the film. This Director's cut version is the only version available on dvd in the US and Canada.
"The DVD "Director's Expanded version" contains several new shots/scenes:
A new shot of Chingachgook running in the deer chase.
A new shot of Hawkeye walking towards Cameron's Cabin.
A new shot of Magua shooting a British soldier point blank with musket.
Some new shots of the Siege on Fort William Henry.
A new sequence, which was shown on the CBS version in 1996, shows the previously talked about but never shown, Major Heyward's diversion. It shows the British Army in perfect formation shooting French soldiers and Huron Indians.
A longer version of the Britsh surrender is shown. Colonel Monroe and General Montcalm discuss political matters. Newer shots of the British Army leaving the Fort are shown. A new but very brief shot of the French cheering their victory while entering the Fort.
Some new shots of the Huron approaching the British through the trees. Some violent shots of soldiers being hacked to death by tomahawks are shown. Some new footage of the group rowing from the Huron are shown.
After Hawkeye and the others have fled, there are two new but brief shots of the Huron approaching Cora and Alice. The whole "I will find you" sequence has been changed. The original had footage of Cora, Alice and Major Heyward being taken up a mountain. This sequence was accompanied by the song, "I will find you" by the Irish group, Clannad. In this version, the song is gone and the sequence is about thirty seconds longer. It has different shots of Hawkeye, his brother and Chingachgook running up the mountain and following the Huron War party.
Their are also beautiful shots of the group being led into the sunset. A brief shot of Hawkeye spying on the Huron village. A quick shot of Major Heyward burning alive has been added but his screaming has been deleted in the rest of the shots.
New shots of Uncas fighting the Huron and Magua have been added. When Magua slits Uncas' throat, a new sound was digitally added. When Chingachgook rolls under Magua, a new sound of the tomahawk swinging is heard. When Chingachgook kills Magua, the pike from the battle axe is no longer shown impaling Magua.
The scene where Hawkeye goes to comfort Cora has been deleted. There is a much longer version of the Uncas funeral scene. Chingachgook talks about the Frontier life and how it is changing.
Hawkeye's statement to Major Heyward in the Fort, "Someday you and I are going to have a serious disagreement," has been removed.
At night in the burial ground, Hawkeye's line about his father saying "Do not try to understand them, and do not make them try to understand you, for they are a breed apart and make no sense," and Cora's response later have been deleted.
When escaping in the canoes Hawkeye's line "Isn't there anything better to do on the lake today, Major?" has been deleted.
Cora's line behind the waterfall, "If the worse should happen, if only one of us survives, something of the other does too," and the first part of Hawkeye's following speech have been deleted.
After telling Major Heyward that he ain't no scout, and ain't in no damn militia, Hawkeye's line "Clear it up any?" has been deleted."
Personally I think the additions are not interesting or good enough to overcome the fact that so many great little scenes and lines have been deleted. I especially hate that the one song used in the film has been removed in the Director's cut version of the film. All in all I have seen the Director's cut version of the film only once and that was more than enough for me. I will stick with my Theatrical version of the movie on vhs. But this is all just my opinion.