...I thought the cut we did get on the CC DVD was the TC? *looking it up* Well I'll be damned. I've never seen the TC cut in that case. so..it's a 132 mins. cut and the Gilliam cut is 142 mins., right?
To build off of what Josh Z posted, both the US and European theatrical cuts are Gilliam approved edits of the film. The US edit was an attempt to reach the "2 hour max" requirement of Universal, but since it was made after the European cut, also includes some changes that Gilliam preferred. The Final Director's Cut was an attempt to merge the two cuts into a "definitive" Gilliam cut.
So this Universal Blu-ray has a Gilliam supervised and approved edit, but maybe not the Gilliam preferred edit.