It mostly depends probably on which version you have seen first, which version you will prefer now.
I had for many years only seen the butchered 73 version, which is already a great version, even if it lacks the deepening of the themes like in the long version. The biggest loss was the framing story set 25 years later and the brilliant montage which connects the two periods of time.
But when I first saw the 88 version I was insofar disappointed as the long version didn't made the film as much better as I had expected it. The film was now more complex, but at the same time didn't became more fascinating. Some scenes had even lost their overall power.
So it was the 05 cut which reconciles for me the more fascinating 73 with the more complex 88 version.
I have said this probably before, but I think everybody will have his own ideas about the optimal cut of this film. A film which is a master work for me in every version.