I really enjoyed it. It was a far better film than the theatrical cut. This is what the movie should have been like from the get-go. Considering that half the team was formally introduced in this movie, it needed more than two hours in order to have proper character development. This movie did proper justice for the team members introduced in the film, especially Cyborg and the Flash.
My understanding is that this version is basically fan-fiction, ie completely non-cannon, and that none of its plotlines or events are going to be continued.