Well, it matters a little. Otherwise it will look even worse when you get an HDTV set. You'll either have to blow it up or have gray bars on all four sides.
And I'm probably not the best judge of these things, but I didn't think that Blue Velvet looked that bad, and I was watching it on a nonanamorphic 50" screen.
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Would this movie really benefit that much from a 5.1 soundtrack? I guess in the fire swamps and for some directionals in the forest scenes. But I can live with a cleaned up transfer of the original soundtrack.
But there's no question that MGM is really falling down in the "preserving a film for posterity" department.
The question is did they do any clean up? Probably not if their past history is any indication. At the very least they should be doing anamorphic transfers.
The only positive here is that it is only 11.99 for preorder. They seem to at least acknowledge that they don't seem to be offering that much.
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-David