Well, I got to see this disc first hand after discussing the DNR. I managed to see the HD version, not the Blu Ray. I was at the North American premiere with Del Torro back in the summer of 06, and I watched it on a Christie HD projector with him there. I have all my programs, stills, press kits etc... and I've seen this on multiple DVDs as well as in the theatre twice, outside of seeing it at 2 festivals in which the projects were calibrated for accuracy.
I don't think this transfer is "awful", but it isn't accurate. If you like this transfer, all the power to you, but do not lie to the public and say it's accurate. I am a big arthouse fan. I attend multiple festivals, seeing 26 movies at the TIFF alone each year. Anyhow, one of the things that really affects a movie for me is it's presentation. I can see the grain has been reduced in this transfer. For some people, this will make them happy. I think if you're not as concerned with details like this, then this disc is great. It's a much better experience then SD DVD as the SD transfer wasn't great either. That being said, I have to agree with some of the previous posts. It's rather sad that people who claim to review discs and/or film have gone on record as saying it looks like the theatre. I'm not sure if they are lying to themselves, us, or if they even understand what they are talking about. Maybe this is what we get when anyone can run blog and/or website
Again, I appreciate and respect if you like this picture, but please don't mislead people into thinking it's accurate, that's just wrong. Just say "it looks great for my tastes".
So I guess what I'm saying is this does seem like the best option for home viewing if you're a North American, but it's still a disappointment in the accuracy department. I'm not going to buy this disc myself in hopes someone out there does it right, and if not, I'm sure I'll be able to find this thing used or as part of some 2for1 sale at some point so I don't pay a premium for it. It is after all one of the few international films on HD.