I felt that I needed to reply to this thread since it's been such a contentious release. I just purchased and have watched the Predator UHE blu ray. I have watched the original Predator blu ray release as well to compare.
To be honest, I agree with a mix of what various folks have said here: some scenes look downright awful (e.g. early scenes with Arnold and Carl) where the DNR has completely wiped away grain and detail, leaving them waxy-looking. On the other hand, most of the later scenes are actually quite acceptable, if not downright great given that they still exhibit a lot of fine detail that was somewhat obscured due to distracting amounts of noise on the original release which may have been due to a combination of the heavy grain and the poor mpeg-2 encoding. Many later scenes with close-ups of Arnold are actually quite impressive for a movie of this vintage and production quality. Hair, skin texture, sweat, etc. are all present, very much opposite of the early scenes.
Is DNR used excessively? Yes... but only at times and mostly in those early scenes. What's worse? The wavering camera work and lack of consistent film quality and camera focus. That, however, is a result of a fairly low budget production. They did only have about $18 million for the entire movie after all.
The screenshots showing excessive DNR are totally accurate representations, but only of those scenes. The remainder are actually much better off and other screenshots folks have shown are good examples of those.
The issue about director's intent is a strange one to me. Do we really believe that if the crew had a bigger budget that they would have preferred to have the movie look the way it did originally? I, for one, doubt that some of the special effects (like the sad, superimposed red glow that occurs when the Predator "sharpens" its wristblades with the lasers) was intentional. I don't believe that the wavering film quality, grain structure, and poor camera work (e.g. totally out of focus and grainy as hell waterfall scene) were intended to be that way, either.
Overall, I think it's a problematic release... but it's based on problematic material as a source, and we shouldn't forget that. Thus, the disc is quite acceptable to me as many scenes are quite exceptional. It's not perfect, and ideally the DNR should have been toned down for the early scenes, but it's still better than the previous release in my opinion. The collection of included extras is a very nice bonus.