In an interview on IGN, Peter Jackson has stated his desire to create an extended edition DVD of King King.  He is so keen on creating an extended edition that he chose not to do a commentary track for the current special edition DVD (released April 12 in Australia).  He also discussed some of the scenes he would like to include.  The only hold up is that Universal hasn't OKed it.

It seems to me that unlike Newline, who allowed the production of an extended edition of Lord of the Rings at the same time as the theatrical editions so consumers had a choice, Universal would prefer to trick consumers into buying the current edition before releasing extended edition. 

I'm pleased Peter Jackson spoke so openly about his willingness to produce an extended version of King Kong.  In my opinion this pretty much guarantees there will be such a DVD and consumers can choose to hold off.  No way is Universal not going to take advantage of double dipping.  And I think that the current DVD only includes Dolby Digital 5.1 (as opposed to Dolby Digital EX 5.1 or DTS ES 6.1) is another sure sign that a 'better-than-sex-edition' will come to fruition.

I think I'll still buy the current special edition of King Kong.   I want the theatrical version.  For reference, you can buy King Kong: Special Edition from Ezydvd which also includes the previously release King King: Production Diaries for the price of the special edition alone.