The American cut versus the European cut is another interesting debate. People tend to prefer the version they grew up with, and I'm no different - I cannot watch the UK version without missing the lost footage. Kubrick made the cuts in response to the soft North American box office, so I also have a hard time seeing it as artistically motivated.
My main complaint about the shorter cut is that Kubrick uses runtime in this movie as a tool for building dread, and the shorter version blunts that effect. Critic Jack Kroll called THE SHINING "the first epic horror film," and the two hour version just doesn't live up to that moniker. Among other things, losing the scene that sets up Jack's history of child abuse and Wendy's rationalization of it seems unthinkable, but I'll admit it's impossible to surmount my bias.
One arguably positive thing about the European version is that it cuts out the bit where Wendy sees the William Castle skeletons covered in cobwebs. I actually don't dislike the scene, but it feels like the one time Kubrick resorts to a horror cliche in a movie that otherwise makes a point of resisting them. Apparently there were a lot of conventional horror movie images that didn't make it to the screen, like the severed head prop you can see in Vivian Kubrick's documentary.
It's an interesting case where both versions qualify as "director's cuts" since Kubrick did the re-editing himself.