I'm guessing a combination of gags that are *very* similar to the ones that are in there and very, very extended versions of the existing stuff. Like, maybe Martin has a much longer confrontation with the lady where he winds up cussing a blue streak. They would have cut it for pacing and timing. The other stuff is probably re-hashes in some form; likely they felt it was too similar and redundant. Like, maybe they had more "awkward motel stuff" with Del and Neal. They went, "this scene and that scene are the same, more or less," and cut one (or six...four hours?) of them. Think the Greedo and Jabba scenes in the Special Edition of A New Hope. They each convey roughly the same info, but they went with Greedo. It's a better scene with the more action-oriented climax to it, plus it makes more in-world sense (Jabba sent a bounty hunter as opposed to schlepping down himself - not very "top ranked gangster").
That'd be my guess, anyway. Most of the material probably just prolongs it, doing only slightly different riffs on the characters and themes, they then sliced 'em down to the lean version we know and love.
I'd still like to see it all, of course. Not unlike the similarly bloated original cut of Annie Hall that's supposedly out there...
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