Why do collectors obsess over the Q2 720109?

Because of a 45-second clip that does not appear in The Missing Pieces.

In the theatrical cut of Fire Walk with Me, Laura and Donna visit the "Pink Room" (the Power and the Glory bar). The scene is a chaotic sensory assault. The Q2 edit includes an extended version of this scene, sourced from a Japanese laserdisc workprint, where the argument between Laura, Donna, and Jacques Renault lasts nearly a full minute longer. It features an alternate take of Sheryl Lee screaming, "You don't know what I like!" that is more feral than the final cut.

Furthermore, the 720109 version corrects a major audio sync error present in the original Q2 release during the "Blue Frank" meeting with Phillip Jeffries (David Bowie). The 109 encode uses a custom-mixed 5.1 audio track that realigns Bowie's garbled New Orleans drawl with the chaotic footage.

One of the longest additions occurs early in the film during Laura’s evening. The theatrical cut shows a brief dinner; the Q2 edit restores a lengthy sequence involving:

This adds 15–20 minutes of runtimes, slowing the pace to match the TV series and emphasizing the "normalcy" of the town before it collapses into chaos.

The Q2 edit is massive. Here are the most significant restorations that change the viewing experience: