We're looking at several different cuts here. Parts 1 and 2 have both short cuts and long cuts.
Short running time of 1+2 = 1 hour, 44 mins
Running Time of 3+4 = 1 hour, 36 mins
Total running time without opening titles or credits = 3 hours, 20 mins
After opening titles, we're probably talking 3h, 25m.
4 is a rough cut right now, but nothing else is to be cut; cuts will just be fixed.
I have my MPEG encoder now, so as soon as I finish 4, I will create a poll to see how you people want it delivered unto you.
Personally, I like the short version of parts 1 and 2 because it flows like an actual movie and not like 2 movies combined(thanks to the short run time). The long works pretty much the same, but there are some arcs that I cut out that each story doesn't need to function properly.
Also, I didn't keep track of my cuts but I will give a general outline of what was cut.