On the European DVD...
I just finished watching the film on the English (PAL) DVD. First of all, to all of those wanting to see this film, but only have a NTSC system, I would suggest you dish out the same amount of money you probably spent on your own American DVD player and just buy a region-free player (it is very useful and makes me question the process of region coding in the first place!).
The DVD transfer is just fine - No, it doesn't have the black prince scene, or the very short Chesty Morgan scene that is honestly not worth the wait. If you want to see the film, buy this print. The colors are vivid, and the picture, through grainy, surpasses that of other dull transfers.
Lastly, I watched the entire film with Italian dubbed audio and English subtitles (I asumed that the bad audio-sync was yett again part of Fellini's style - No!). If you want this to be a less frustrating and more enjoyable watch, watch it in English. Although, without the subtitles you might miss the Operetta lyrics and other small Italian phrases.
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