Okay, I've got to say that I've got mixed feelings on this one. On the one hand I'm a huge David Lynch fan and any Lynch release is something worth noting. On the other hand Lynch was in way over his head with Dune, a fact that he has admitted himself, and ended up with a theatrical release that was a muddled mess handled as an Alan Smithee film. Yeah, I know, there are people who disagree with me and really love Lynch's Dune, but I'm just not one of them.
That said the DVD Times is reporting that Universal will be releasing a two disc special edition of the film on May 10th with the theatrical cut on one disc and a 190 minute extended cut on the second. A bit of digging on some Lynch sites says that this extended cut is the longer TV version which has been available in the UK for a good little while with the running time difference acounted for by the NTSC-PAL time speed-up. Since Lynch has washed his hands of the film entirely - thus rendering any possible release of his rumored five hour original cut an impossibility - this will likely be the definitive version for collectors.