The Bluray arrived this afternoon - I've only listened to the CD so far, but I like it. Did a side by side comparo of several tracks with my CD from circa-1992 and here's what I found:
-For better or worse, we have another victim of the loudness wars. The new version still sounds really good, and I think the improvements in this new master outweigh any theoretical loss of dynamic range, but I still object on principle.
-The extra gain also made it tough to do any critical comparisons between the old and new versions, because I was level-matching manually every time I switched back and forth. There were some tracks that didn't sound much different, apart from being a little louder.
-Overall, the soundstage is a bit more up-front, and the background sound effects are a bit more clear. So far, I like. Examples: The reverb on the vocals on Seas of Cheese is more clear, Sgt. Baker's voice is a little sharper, and the bassline for American Life is more powerful.
-Some tracks sound significantly different. The engine intro for Jerry is now in fuller stereo and is louder than before, even when level matched. The snare drums at the beginning of Tommy sound more raw and realistic. The biggest change is to Eleven, which is about 4 seconds longer than the old version, with a couple of seconds of crecendo as an intro before the drums start in. Haven't decided whether I prefer the new changes, but leaning toward yes. I definitely like the new version of the Jerry intro.
Now to get home and listen to the blu ray.