After watching all three cuts on BD, I'm just going to admit it: I don't like the restored cut or the preview cut. Despite its drawbacks, I think the Studio-meddled Theatrical Cut is the best of the three:
The overture over the opening shot is something I will defend to the last. I know that Orson's initial reaction was to cut it but its such a fantastic theme that gives the story a grandeur from the start. Critics and fans often describe the movie as Baroque, a word stemming from a period of art that was characterized by its drama, tension, exuberence, grandeur, and, above all, embracing of the artifice. I first watched Touch of Evil without the theme, and it really didn't feel complete until I saw the other versions. You see, the shot sans music cinematically makes the shot more naturalistic and suspenseful, but I don't believe that Touch of Evil is a picture where such qualities need to be employed. Welles's films post-The Stranger to me always seem to be borderline absurd (I believe that there's even a thread here saying that TOE borders on craziness); the movie opening with a naturalistic shot betrays the absurd aesthetic and consequently feels oddly out of place. By having an overture (and such a ballsy one composed by Henry Mancini!
The biggest omission of the theatrical cut is the sequence driving to the motel. I do concede that this creates quite a bit of confusion to the uninitiated viewer but the cut does get rid of the godawful Keller pickup material where the rear-projection shots so strongly contrasts with the live car scene earlier in the movie with Al and Vargas. Additionally, there seems to be less of a reconciliation between Vargas and Suzy without the love sequences in the car. The theatrical cut cuts from them leaving Mexico on shaky terms to Suzy sighing, having arrived at the motel. Without the sequences in between, you can infer that Vargas and Suzy separate a bit mad at each other still, thus making Vargas's later quest to find Suzy a bit more desperate as she didn't depart on good terms. That just seems to be a bit more dramatically intense to me, though I may be reading too much into the cut. Ideally, I think the restored cut should have just skipped the love scene (though I realize it was scripted by Welles) and then cut to Welles's material, meeting up with Quinlan and Menzies and then just continued from there (possibly shortening Menzies in the car with the rear-projection being followed). This would still make Suzy and Vargas not 100% on good terms yet make more sense in the overall plot.
To look at the bigger picture, the theatrical cut also has the fastest pace, out of all three films. The restored cut and especially the preview cut end up dragging where all the additional material is placed, especially the additional tedious reshoot material by Keller. TOE Theatrical seems to be the proverbial slap in the face. It doesn't let up, and the audience is IMHO more immersed because there's not a single dull moment. Understand me though that fast pace is not necessarily a good thing in a movie (ie. I'd hate to see Gone With the Wind or Citizen Kane with scenes hacked out to increase the pace), but I think TOE is a movie that happens to work better with the faster pace of the theatrical cut. I like some of the additional scenes but too many of them are just too many.
I'd love to see another cut of TOE as I realize that the theatrical isn't perfect. But, the preview is too bloated, and I don't agree with a lot of the restored cut's decisions. Also, the restored cut's addition of credits is rather irritating and some of the changes feel sloppily edited and stick out (they don't feel like how something would be edited in the 50s but instead in the 90s). Lastly, I find the theatrical cut of TOE is the best quality on the BD so...
Would like to hear anyone else's take on TOE's versions...