Would a restored "54" be a gay movie must-see?

Los Angeles filmgoers are in the thick of this year's Outfest, and the gay blogs are going nuts over the "secret screening" of the director's cut of the 1998 film 54.

Set in the late 70's, "54" chronicled the rise and fall of the famed discotheque Studio 54, where famous and infamous celebrities would go to be seen and experience, um ..."altered states of consciousness". It starred Mike Myers in a rare dramatic performance as club owner Steve Rubell, and Ryan Phillippe as Shane, a new bartender who is quickly seduced into this world of glitz, glamour, and designer coke spoons.

I remember watching it and thinking "meh", but it looks like all of us who saw it missed out on the real movie. The director's cut was screened at Outfest, and writer/director Mark Christopher has restored 45 minutes of footage that the studio originally forced him to cut out.

According to Greg Hernandez of Out In Hollywood, that footage makes all the difference:

"So how different is the director's cut? VERY. And it's MUCH better and much more gay! Phillippe's character is bisexual in this superior version and shares screen kisses with several men, including Breckin Meyer...Christopher's original version is such a better film because it chronicles the club's fall along with Phillippe's personal journey."

Cameron Mathison in his formal wear

Also of note is the inclusion of more scenes from perpetually shirtless ultra-hunk Cameron Mathison (who I didn't even remember was in the movie):

"As an added treat, we also get to see a bit more of the beautiful Cameron Mathison of "All My Children" and "Dancing With the Stars" fame who was only seen briefly in the studio version. His character is gay! We did not know this from before. But in the director's cut, he's in a relationship with one of the other bartenders and they even share a passionate kiss."

Unfortunately, there are no current plans to release this director's cut, but with the enormous amount of attention it's gained just from this one showing, maybe that'll change.

What do you think? Is the film worth revisiting, or should it go the way of the polyester suit?