Okay, how 'bout "Ethan needs the real list. With it he'd collectivelly asskick Max, Phelps and his IMF buddies"?

Exactly. Ethan suspects Claire the moment she walks in on the door*, which is why he never lets anyone close to that disc after he's stolen it from Langley (it is also stated that Ethan hires Luther and Claire brings up Kriegler, which sets all of his alarms when he recognizes the knife in Langley). Besides, he needs…

The reason is the list is initially a decoy the IMF lets in the open to catch the mole (which was always their real objective, unbeknownst to Hunt & co - especially Phelps). When in search for the mole himself, Hunt reaches the list's buyer, Max, and not only warns her about it being bugged and a fake, but gains her…

It's funny because the theatrical was also a Director's Cut. Contrary to what it may seem, Universal did not meddle -in fact, for such a pricey movie, they would've been charmed if Mann had put all the money spent up there onscreen- and Mann delivered the movie he always aimed for.

Absolutely. Even if a mix between the two (ditch the opening boat race and the ridiculous final montage to "In the Air Tonight", though) is probably the best version we could get.

Fuck MANHUNTER (OK, well, not really). The masterful MIAMI VICE should be the way to go, though I don't expect its critical reevaluation to arrive earlier than in the next five years.