I first saw this special when it aired on TV nearly 20 years ago. My parents recorded it on VHS and we'd watch it regularly. I just purchased this and Volume 1. I'm pretty disappointed in both. Having watched them regularly growing up, I can tell there has been editing done. Shouldn't it be the other way around? Granted, some of the highlight performances are slightly extended (notably "Camelot"). But certain segments of Burt Reynolds are gone completely (I distinctly remember, following Albert Brooks' clip, it cut to Burt Reynolds saying how much he liked Brooks; that's not on the DVD). There are also some performances that are noticeably cut. I don't remember which volume it was, but one featured a sketch by Red Skelton where he talked about Texas. It's gone, it's not on either volume.
I really expected the opposite: to see what was aired on television, plus some, not minus some. As much as I enjoy the classic performances--worth the purchase--I'm disappointed with the editing.