I don't understand Director's Cuts. What happened when they were doing the original cut? Did the Director just leave the room? Bugger off for lunch while an intern did the editing? I THINK NOT! Anyways - according to Joystiq - apparently Mafia II is receiving a 'director's cut', which probably entails a special edition of the game featuring all the DLC.
Said DLC will probably include Joe's Adventures, Jimmy's Vendetta and The Betrayal of Jimmy, amongst other things.
I enjoyed Mafia II, being that it was a decently told story in a well realised universe. Considering I usually avoid extraneous DLC missions like the plague, it might be worth bashing through it again if the DLC is integrated in some way.
More news as we get it.