Honestly, on reflection I think a lot of people blame cut content for their dislike of TSL when what they really dislike is the game's plot itself; the cut content doesn't magically transform TSL into KotOR 1, nor would it have done. With it in place, the game is, however, hugely superior, since it does bring some closure to the stories of most of the companions. I think what a lot of people objected to was that it:
1) wasn't an epic tale of taking on TEH BIG BAD!!!1oneone!11 like KotOR 1;
2) lacked a STUNNING PLOT TWIST;
3) didn't allow you to play as Revan;
4) was a lot less jingoistic than K1.