If anything brings it down, it's Kevin Costner's performance. The script has thoughtfully and intricately worked out a new way of life in a post-apocalyptic world, and the supposed 'plot holes' aren't as big as everyone makes them out to be (OK, we never really find out why dirt is so important in the future so what? Is that enough to ruin the whole movie?). It's an interesting take on the genre, with some nice sets and costumes, a great soundtrack, and the coolest boat to ever appear on a movie screen. Sure, it's borrowing a lot from 'Mad Max,' but it's not like 'Mad Max' was original fare to begin with. This is unfortunate, because it really is a good movie. 'Waterworld' is one of those movies that everyone would rather passively make fun of rather than take the time to watch. This Ulysses Cut was remastered in high-definition though, created with original footage rather than lower-quality broadcast material. In an unexpected turn, the original distributor officially sanctioned this fan-edit by releasing it in a box-set with the other two versions. It was compiled from several broadcast versions, containing all of the additional footage from the TV version while restoring the previously censored parts. A fan-edit of the film, called 'Waterworld: The Ulysses Cut' (named after a restored scene at the end), was later made in an attempt to create the most complete version of the movie. Being a TV special, this version was also censored for violence and language.

The additional scenes also tie up several loose ends in the theatrical release. ABC later broadcast an extended TV version that restored almost 40 minutes of deleted scenes, which explain more about the world, the people who live there, the Smokers' religious beliefs and their ability to refine crude oil. The preferred 3-hour cut of director Kevin Reynolds was drastically edited back to a 135-minute theatrical version by Kevin Costner and the studio, probably in an effort to recoup the film's inflated $175 million dollar budget (since Costner's previous 3-hour movie Wyatt Earp (1994) had been a box office bomb).

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