Update (2016-08-06): I have an answer for you. Keep reading, I have some thoughts to share at the end.
Batman v Superman received really bad reviews, for the most part. I enjoyed the movie even though I felt something was lacking. I resisted the urge to write something about it afterwards because my first instinct was to defend the movie even though I felt a little disappointed.
I think what bothered me most about the cinematic release was that it felt abbreviated. I know that sounds a little crazy given that the movie ran to about two and a half hours. It felt as if important story arcs weren’t developed enough and it seemed as if it was all just thrown together for a spectacular finale.
The Ultimate Edition looks like it might be a better version of the movie that the cinematic release. It apparently contains another 30 minutes of “story and action not seen in theaters” and I think that might make a big difference. Just take a look at the trailer for this release:
I really wanted to love the movie. I had been looking forward to it for a long time. Hopefully, this extended release will present a more complete story that does this prelude to a Justice League movie justice (sorry!).
Postscript: We just watched the extended version of the movie and my answer to my original question is “Definitely!”. The Ultimate Edition really fills out the main storylines and brings the whole thing together so much better.
Where the theatrical release felt like there were big gaps in the storylines, this extended version offers a more complete story and much more dimension to the main characters, with the exception of Wonder Woman. Wonder Woman’s story is going to be explored more in the upcoming Wonder Woman movie next year (which looks awesome).
If you were on the fence because the theatrical release felt like a really long action trailer, watch this version. I am much more impressed with this version of the film. Hopefully Zack Snyder will release a more complete version of Justice League and not a similarly hobbled movie.