There two versions you should consider; one by Image Entertainment and the other by Kino. I own the Image edition, which contains a solid audio commentary by some film historian. I read this review off of Amazon.com that compares the pros and cons of those editions if it's of any help.
April 24, 2005, Robert E. Seletsky (Boston, MA, USA):
"On DVD, there are two choices: either the Image or Kino versions. Other DVD versions are from poor, usually heavily cut, sources, and must be avoided altogether. It's not an easy choice. The Image version was made from a fair 35mm tinted print in the 1990s and runs 81 minutes, the most complete source to that date. There are two musical scores provided on that DVD: a forgettable one by the "Silent Orchestra," and a brilliant organ score by Timothy Howard--surely the best score that has ever been composed for this film. The Kino version is visually stunning, the only DVD made from a recently discovered 35mm tinted *negative,* the survival of which is an unanticipated, wonderful surprise. Moreover, it runs 93 minutes, partly owing to a slightly slower and more natural projection speed, but also because more scenes survive in this version. It seems that the Kino edition represents the genuine film created by Murnau.
Unfortunately, the Kino release is marred by two horrible musical scores: an electronic one that is more noise than music and is physically painful to the ear, and a foolish one that adds comic touches at inappropriate moments. It's a shame Timothy Howard's organ score on Image can only accompany the incomplete 81 minute version. The only solutions are to watch the Kino edition without music, the less complete Image version with the great organ score, or own both DVD editions, each for a different reason."
