"Director's Cut" by John Waters (Scalo, 288 pages, mainly of color and a few black-and-white images, $49.95). More a work of art in multiple than a traditional book, and in the fine light of Waters' inimitable career of celebration of the ultimates of bad taste, this is not your grandmother's coffee table Christmas present. But it is handsomely designed and manufactured, and almost obligatory for any genuine admirer of John Waters' eye, mind and work. The content is Waters' photographs from TV monitors, without comment or caption except to identify them by date and origin. The bulk comes from movies of questionable merit, though some are from classics - all, as he puts it in his artful essay, his "redirecting" of the films. The result, when all are taken together, is a sort of visual Mad Hatter Goes to the Movies narrative.