Watched the Blu-ray tonight. It's not gonna win any top tier film/video quality awards but it looks much better than I was expecting and the screen caps seem to indicate. The color timing is a bit oversaturated in places (notably in the opening space sequence) and it is the same transfer that has shown up on (I believe) the MGMHD channel the last year or so, but it's not nearly as compressed or black crushed. There are some pretty grainy, perhaps digital artifact-ridden scenes here and there, but I think it's more to do with particular film stocks used on certain scenes than any issues porting it to Blu-ray. Overall, it's by far the best home video presentation this movie has ever received and watching it straight through, I was pleasantly reminded how entertaining the film is on a purely guilty pleasure level.
My one minor complaint is the menu doesn't give you an obvious option to watch either the "extended" Euro cut or the US theatrical version. The menu just says "Play" which takes you to the International version and in the extras menu you can only select "Play Theatrical Cut."
Considering the selections Shout/Scream Factory's have licenced for release the past year or so and the fact they are at least very good to excellent quality transfers, they certainly have become my favorite cult studio these days. I am now ready to pull the trigger on The Howling, They Live and Funhouse.