I agree with Ducky123. Prior to knowing where the cuts were supposed to be, I didn't really notice them, apart from Littlefoot standing in awe, and then skidding again into the same spot with Petrie on his head.
I do believe some of the cuts would've made the film better, others, like the one's during Sharptooth's first attack, just wouldn't make that much of a difference. Aesthetically perhaps, but only that.
Story wise, I prefer the book's version, where Littlefoot finds the Valley and then runs off to save his friends and show them the way. But that's a personal preference. It doesn't really change the magic of the film.