I'm still yet to buy it.. all in good time but I just saw this at blu-ray.com:
The Bologna Cinematheque, through its prestigious L'Immagine Ritrovata laboratory, is going to fully restore Sergio Leone's Once Upon a Time in America and add 40 minutes of original footage to its 229-minute running time. There is no information about a Blu-ray release, in Italy or elsewhere.
This extended version, commissioned after Leone's children acquired Italian rights to the film, is being supervised by the film's original sound editor and will be screened in 2012 at film festivals and possibly in theaters.
Personally, I love the film as it is but it'll be interesting to see.
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