I bought it in the UK, and I just bought the US version. I can't imagine not having this film in my collection. The music is so wonderful, it's worth it just being able to call up and hear "I Am A Man Of Constant Sorrow". I can see how some might not like it. We saw it in the theater, and some of the stuff we found hysterical, like meeting Robert Johnson (OK, he was named "Tommy" but it was obvious, seemed to zing right past some folks. We were giggling right as the car pulled up to the beautifully framed shot of the crossroads.
Some of the jokes almost dared you to laugh, like the Busby Berkley Klan rally, with a tiny bit of the Wizard of Oz tossed in. It's right up there with "Springtime For Hitler" on the "go ahead - laugh" list.