I was mistaken with what magazine that I had read that there would be no directors cut as it wasnt Empire it was SFX. This is also on the filmfocus website with a interview with Paul Anderson on the 4 of October he was quick to quash any rumours that might have been circulating regarding an R-Rated plot. He revealed there had never been an R-Rated version of the film and that the PG-13 rating was as a result of the simulated Alien and Predator gore, less harmful in the censor's eyes.
Anderson also said that, in his original vision of the opening, there was to be a flashback to 1904, the last time the Predators came to earth to do their business (the alien killing kind). This flashback will be restored for the DVD and it'll be the first scene in the film of Aliens and Predators battling. Anderson revealed that the ultimate decision was made to cut the pay-off from the opening, keeping the species' first encounter with one another for a later stage.
Anderson said that Arnold Schwarzenegger had gone as far as to accept a role in the film, reprising the character he tackled in Predator, Dutch Schaeffer. Anderson revealed that Arnie had only two stipulations, that his role would be conditional on his losing the election for Governor in California, and that it would be filmed at his home.
The scene was to be a short cameo, involving Arnie's own helicopter. While Anderson didn't discuss details, at a guess we'd say it would have had something to do with him rescuing the survivors at the end of AvP.
I would have loved to have seen that Arnie Cameo in AVP!