I actually prefer the theatrical ending. It was pretty obvious and simple, but it fit the tone of the film (particularly the third act) very well and I liked how it gave Neville a good, manly, heroic ending.
This original ending, while more faithful to the novel (I haven't read it but I know the ideas the ending follows), I don't think is as faithful to it as that website claims (it doesn't make it clear, or really even imply the 'reversal of the legend' idea) and I think it disrupts the tone of the film for a faux-intelligent conclusion... it feels like a cop-out to me. The first ending might not be very clever but it does a nice job of rounding off the film's plot and adhering to its tone.
And it's not just that I hate endings of films which don't fit the style or tone so far - see There Will Be Blood, which I loved.
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