Trade industry sources are reporting that a three hour cut of Django was recently screened for execs at Sony Studios, and that they were very impressed and happy with what they saw. In fact, one insider, after seeing the film, said that when the film gets more advance industry screenings in L.A. and N.Y. "there are going to be some serious changes to the current Oscar predictions."
Furthermore, Christoph Waltz, who plays the bounty hunter Dr King Schultz, could possibly be moved up by Sony and the Weinstein Co from the Best Supporting Actor Oscar category to the Best Actor slot, going against Jamie Foxx for the same nomination category, since his performance is "so amazing" and that "it towers over the whole movie."
As for the running length of the film, it will most likely be trimmed before its scheduled Christmas Day release. But since Tarantino's films always tend to run long - Jackie Brown, Pulp Fiction and Inglorious Basterds all had 154 minute running times - expect Django to be in that same area.
Most likely the original three hour cut will be released sometime later on DVD.