I wanted to post this under the "don't believe what you read" title because I seriously doubt Barbra edited the movie on the kitchen table. However, it's been documented that she did edit her version of the film after Pierson submitted his cut to Warner Brothers studio. So there is some truth to this story.
It makes you wonder if they would ever release the director's version of the film (or if it even still exists). Would it consist of alternate takes or additional scenes? Less Barbra and more Kris? One can only wonder.