Ok... the one I own, as described on the packaging, is
Highlander 2 Renegade Version The Director's Cut
Digitally remastered and re-edited with over 19 minutes of additional footage
Original ratio of 2.35:1
THX certified
AC-3 encoding
Audio commentry by Russell Mulchay and Bill Panzer/Peter Davis
H2: To Be Or Not To Be...A Sequel? New Documentary created for this release about the need for a Renegade version.
Behind-the-sences photos.
Running time 109 minutes/22 minutes (featurette), Republic Pictures, distributed by Artisan.
Barcode 017153114904
"The original 35mm dialogue, music and FX tracks were reconformed and new sound effects and music were added for the new scenes and dialogue as needed. From these a new 24 track master was created. This formed the foundation for the 5.1 (6 channel discrete) AC-3 Dolby Surround track."
The "Quickening" has been removed from the title as all reference to it has been removed from the film in the re-edit...as has the piece about the immortals being from the planet Zeist. The insert lists 42 new/changed scenes.
Hope this helps. I was going to watch this tonight but unfortunatly managed to destroy my player in the process of trying to make it multi-region

Hope that helps a bit. I don't own the other version so won't comment.