don't think that MPEG2 is a "crap" video codec, in fact it's a very good quality video codec!
Sony made the mistake to only use one layer of the Blu-ray Disk for the first version of The fifth element (instead of the double layer version)
so the MPEG 2 video codec compression ratio had to be very high, otherwise the movie didn't fit on the disc....
Everybody knows what happens if you put the compression ratio too high..
you get a bad quality picture....
Now, Sony has choosen for the dual layer BD option, and they also choose for a video codec that can deliver the same picture quality at less disc space,
therefore the picture quality looks better
In fact if they had still had choosen for the MPEG2 codec in combination with a dual layer BD the picture quality was the same as the AVC quality they have now!
(only the disc would be more full of data)
Many people think AVC an H264 are "better" video codec's, that not true
They only are more size efficient so the movie data is smaller on disc,
If you use the MPEG 2 codec at its highest quality setting and compare it with AVC nobody would notice any difference, maybe with fast moving scene's the MPEG2 codec looks better than AVC. because this newer codec has a much higher reduction than MPEG2. (more reduction=less quality)
AVC and H264 are only newer video codec's that don't use so much space as the older MPEG2 video codec, but this doesn't say that the quality is not as good as the newer codec's
The final quality result totally depends on how you implement it, and how high the quality setting were during the BD authoring proces.
If there is plenty of free space on the disc available there is no need for AVC or H264 codecs!
I think that sony should had cleaned the 35mm movie in the first place, and then scanned the movie at 4K resolution, and then down converted it to 2K (1080P)
this should had delivered the best quality possible
Don't use digital edge enhancement filters, but clean the original movie first!
and then scan it at 4K, that's the way to do it!