Its odd how this film seems to really divide film fans.
I personally thought it was a great film, flawed, but great.
There was a great deal cut out of the theatrical release and there were several "unfinished" scenes that were cut out due to time constraints.
I would love to see an extended cut, though am aware that Spielberg has only ever done one or two, (Close Encounters & ET).
===SPOILERS===
I do think that the film gets bogged down a lot when they go into the house/basement. In my opinion, they should not have shown the aliens, the eye creeping around bit was enough (and was a complete rip of the Raptor sequence in JP anyway - but I digress).
Another niggle I have is the way after Ray escapes the tripod that comes out of the intersection, we don't see another tripod until about 10-15 min later, too long in my opinion.