I picked mine up at DVD.it, they have an English version of their website. Yes, it's 16X9. The film has both English and Italian Dolby 5.1 tracks and English and Italian subtitles (though I'm only going off the packaging for this information, since the film is in English I didn't have a need to use anything but the English track).
Warning to those playing this version on the Malata with a standard NTSC TV (have not tried with progressive capable set), the normal still video filter used for PAL DVDs is not very effective, causing major stair-stepping. Using other filters causes very annoying ringing. You have to choose your poison.
If there is another version of the director's cut of this film, I'd love to know about it. There is a Canadian NTSC release, but it's not the director's cut.