If it was from Eastman, Labdad, then it’s not the same version as in the OP.
I have seen a portion of it. Two years ago at the BIF’s National Film Theatre in London, they had a Metropolis day with assorted scholars, two screenings of the film (the Moroder and the most recent restoration at the time), as well as the Munich Filmmuseum.
They brought a clip, about 3 minutes. It’s the scene in Rotwang’s lab where he reveals the robot to Joh (but not the activation scene). What struck me was the image quality of the film, which was quite extraordinary–in some senses, it was too good.
In the archival community, we have discussions about the extent to which a film that’s restored should best resemble what people from that time saw at the time. For example, silent comedies would use wires for various gags, with the understanding that the average projector would not be so bright as to usually reveal the wires. However, by cleaning and restoring the film elements, these wires are plainly evident. Is this authentic restoration, since we as an audience would be seeing things the original audience typically didn’t?
The Metropolis scene had a similar effect for me. I’ve seen the film dozens of times and I never had a problem immersing myself into the elaborate and wonderful production design. But this time, the image was so vivid and clear, that the lab very transparently felt like a set. Imagine seeing an old TV show from the 50s and you’ll get an idea of the impression it gave. The difference was both disconcerting and distracting. It was both beautiful technically but also alien dramatically. I had a hard time wondering what the complete restoration would be like. Since it’s coming to the Castro for a week-long run, I guess I’ll find out.
Another thing about the frame rate. When we saw the films twice, the second screening (non-Moroder) was at a slower frame rate (18 or 20). I found this to also have a different, rather negative impact on the film. When Freder is in the large workspace and sees all the workers at their stations, moving mechanically back & forth, the fast frame rate that the film is usually showed at actually helped reinforce the theme of mechanization. At the slower (“more correct”) frame rate, it didn’t quite work. Too many of the scenes seemed sluggish by comparison. The faster frame rate sends an electric charge through the film, which is in sync with Lang’s futuristic worldview as well as the expressionistic acting of the cast. But at the slower frame rate, it got a little, well, boring (and this is from someone who loves the film quite passionately).
Another thing–from the site, it doesn’t look like the film is tinted. I have some serious reservations about this as well (again, from a restorative perspective), especially since the tinting job in the Moroder is, IMHO, quite good and effective.
Also, from my memory of the two different screenings of Metropolis that day, I don’t remember any substantial differences, i.e. extra scenes, missing segments, etc., so I would have to attribute the disparity in running time largely to the frame rate.
One last thing, I’ve heard the Alloy Orchestra musical score and for my money, the score by The Clubfoot Orchestra (available on CD) is significantly better.