Exorcist Prequel: Double Your Demons, Double Your Fun.
Variety reports that Morgan Creek topper James Robinson has plans: He's seeking to have Warner Bros. release both helmers' “Exorcist” prequels simultaneously on DVD. This move would cause a variety of potential problems (DGA accreditations, marketing interest surveys, etc.). If Warners were to accept the idea, it's also unsure how the release would be handled.
Robinson though says the films are distinct enough that it'll generate interest - "This is going to sound unbelievable, but we made a movie - twice. If you see the two movies, you wouldn't believe it's the same d.p. It's almost like a case study (in the difference a director can make". One notable difference is budgets - Schrader's more introspective talky drama cost $32-35 mil, Harlin's action oriented version came in at $52-54 million.
Schrader himself seems keen on the idea - "I'm very proud of my film, and I think it deserves to be seen. If I get the DVD, I can say 'God bless you Renny; may your film do well...The situation is in some ways the ultimate film school exercise, though you usually don't give each director $35 million to make their film".