Some of the differences I noticed --
-Opens with a CGI recreation of the '30s Universal Pictures logo
-You see a bit more of the creature in the opening sequence where Del Toro's brother dies
-The post-title sequences are much better edited here, with added material, including Blunt going to see Del Toro in person about his brother's disappearance (the whole bit where she writes a letter to him, beckoning him to arrive, sort of like "Bram Stoker's Dracula," is gone; I didn't think this scene was as effective as it could've been, but it's at least an improvement on the theatrical version)
-Max Von Sydow has a brief cameo as a mysterious old man on the train Del Toro encounters en route to seeing his father; it's a moody, short but nice bit
-The scene where Del Toro drinks in the tavern and listens to "the locals" is twice as long and much more effective, detailing the Talbot curse and the villagers' dismissive view of Del Toro's "gypsy *$!#@ mother"
-New scene where Del Toro, Blunt and Hopkins have dinner, better establishing Blunt's motivation and relationship with Del Toro (by this point the movie has already doubled its running time over the theatrical version)
-New (brief) scene where Blunt encounters Hopkins on the stairs while Talbot is in bed, recouperating from the gypsy camp attack
-New (brief) scene where Del Toro gets a gun ready, fumbles all the bullets, while Hopkins watches him from the top of the stairs, prior to Hopkins going into "the tomb" to secure himself prior to Del Toro's big transform
-Brief scene where Del Toro buys a newspaper from a boy after exiting from Blunt's London shop
Now, there might be more dialogue and/or gore on-hand, but I kind of skipped through the 2nd half so there may be more alterations there.
As far as the extras go, there are 2 alternate endings on the Blu-Ray. Neither is as satisfying as the final version (both reconfigure the Inspector's reaction that he might be turning into a werewolf earlier in the final scene), and neither have Del Toro turning human again. In one ending he ends up biting Blunt, then being shot by the hunting party. She then wakes up and looks at the moon, obviously inferring she's going to become a werewolf. The other ending is basically the same, but ends more curiously, with the Wolfman biting Blunt (killing her? we never find out), then howling, turning to the camera and I guess ambiguously ending with him facing the hunting party. Overall the ending they used was superior to either of these.
There are also a few more deleted scenes (a 90 second scene for Art Malik's Singh; an amusing bit where the Wolfman crashes a masquerade ball in London which might have been good for some laughs; an extension of the final fight; and an earlier scene with Del Toro and Blunt) and the usual featurettes as well, a digital copy, and a way to stream the original classic via BD Live (which I can't try at this point since the disc hasnt been released, but note that it's only good through 12/31 so it's not exactly a long-term solution to owning the film, lol). There is also a nice 12 minute segment on the effects with an interview with Rick Baker that profiles his designs. It's in HD and looks really good.
Overall I very much enjoyed the theatrical cut but thought this worked even better. Check it out on 6/1
