grimwerk: The writing is just okay, but the delivery is very good. I've only played the GOG version with the voiceover, and it felt coherent. It suited the game quite well.
I can barely imagine the game without the voiceover. (Which is not to say it's an improvement!) I suspect it may be more mysterious without, but it may lack motivation other than, "okay, next puzzle". Hard to envision properly, now I've played the voiced version.
I also only played the Director's Cut, but for me, the experience was different.
I didn't mind the voiceovers, but I also felt that they were tacked-on, and detached from the game. I felt like playing an abstract logic puzzle game which someone tried to overlay with a story that in no way connected with what I was doing in-game (and that wasn't very good, but rather "meh"). It felt very different to, say, Portal, where the gameplay and the story formed a coherent whole.
_After_ playing through the game, I read that the story had indeed been added afterwards, which confirmed the feeling that I had while playing.
That said, I believe that this was an enjoyable 3d puzzle game. The story and voiceovers certainly didn't do it any harm, despite being detached from the gameplay. But the main pull of the game (imho) is the gameplay, not the story.