Thornton's Ambersons and other Wellesian parallels:
According to the Internet Movie Data Base, the first cut of 'All the Pretty Horses' by director Billy Bob Thornton was about 4 hours long. It was later cut down to the 116 min. version released to theatres.
The difference being that the missing footage wasn't dumped in the Pacific Ocean or burned to a crisp, but is stored somewhere for future use in the Director's Edition DVD or the reconstructed TV mini-series version.
I haven't seen 'All the Pretty Horses', but I hear its reputation could soar and that it will be remembered long after current mega-hits are forgotten. In this way, it also resembles Welles' Ambersons. Like Ambersons, 'All the Pretty Horses' was a cherished, deeply personal project for its director.
Another Wellesian parallel -- Thornton's third film, Daddy and Them, is a sentimental comedy, a lightweight run-for-cover type picture. Like the amusing 1943 thriller Journey into Fear, jointly directed by Welles and Norman Foster. (However, there is one crucial difference to this parallel. 'Daddy and Them' was made in 1998 and sat on the shelf for years, so maybe Thornton now has a reputation for being difficult and his days as a director are numbered. Like Welles, he might have to make a living acting in movies directed by lesser talents.)