I saw this at a drive in when I was in my teens. It was during its first run, and at the time is was one of the scariest movies I had seen.
I have also watched the director's cut and have to agree I like it much better than the theatrical version. H.R. Giger's contributions and design of the alien are a combination of art and nightmare rolled into one.
For those lucky enough to find one, Alien Quadrilogy was released in one of the most unique DVD 'cases' I have ever seen. Don't take my word for it, check it out...