The search for the lost cut of The Magnificent Ambersons

I just watched a Dick Cavett interview where Peter Bogdonovich talks about how the studios heavily edited many Orson Welles movies and he specifically mentions The Magnificent Ambersons.

He made it sound like it was a great 3-hour movie in it's full version and the released version is a lesser film, though still a good movie. I agree that the theatrical version is a good movie.