Episodes Two and Three of The Underwater Menace survive, making them the earliest Troughton episodes known to exist. I'm sure we'd all rather have two episodes of The Power of the Daleks instead. Even two of the parts of The Highlanders would be preferable. Still, existing episodes are inherently better than missing ones, and there is something oddly fitting about this serial having both it best (Episode Two) and worst (Episode Three) parts intact.
The recovery of Episode Two in 2011 paved the way for a home video release of this story. However, unlike other missing stories that are 50% or more complete, the BBC opted not to animate the missing parts of this one - almost certainly a response to its poor reputation. Instead, the missing episodes are represented via still reconstruction. It's perfectly acceptable as a way to experience the story - But in an age where the audience has come to expect animations of missing episodes, it feels like what it is: a cheap copout. The saddest thing about it? Given the overall tone of the piece, this is a story that would probably work better in animation than in live action.
For those who prefer to experience non-animated missing episodes through audio, there was a release of the full surviving soundtrack, cleaned up with some linking narration by Anneke Wills. As with most early Who serials, the story is very dialogue-driven. Part One even sees Polly telling the audience that she's tied up, then telling us that they are going down in the elevator. The same dialogue in a Big Finish audio would earn complaints about "overly descriptive dialogue."
Whichever method is chosen, however, the weak story and hammy performances are tough to get past. Unless you want something campy to laugh at, I'd tend to label The Underwater Menace as one for completists only.
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