Only ever saw it once and really enjoyed it. My favourite of the series. Seems to have had more money spent on it and it hasn't got that 80's look to it either. I'll be looking forward to the slaughter in the nightclub.
Expect the Sky version to be edited, unless they are either very canny, or very lucky, and have a completely uncut US print.
If you have it, or know someone who has it, get FilmFour Extreme. The reason being that:
"Hellraiser" on FilmFour Extreme includes the UK-banned 4-seconds of Julia's first victim pleading for his life, just before she hammers him to death.
"Hellbound: Hellraiser 2" on FFExtreme airs the US Extended Director's Cut (also available on US R1 DVD), albeit with about 30 seconds of cuts to the really sick moments. Having said that, it still contains more footage than any other UK version.
"Hellraiser III: Hell On Earth" is also shown completely uncut on FFExtreme, including longer scenes of the sicker moments in the movie, which were originally pre-cut by the UK distributors, for both the cinema and video releases!
The Widescreen uk dvd of Hellraiser is Uncut with the hammer scene intact.
Not that i'm bothered as i got the ltd edition from anchor bay which includes the uncut Hellbound complete with the dream sequence cut from a lot of prints.
Hellraiser 3 is also Uncut on vhs as a directors cut - I would guess the dvd is the same?