Old thread bump, but I thought I would share my experience with the Blu-ray of Last Action Hero. I bought the Blu-ray for $10 a while back, but finally got around to watching it.
For starters, coming from the pan&scan DVD, ANYTHING would be an upgrade. I have to agree with most of what Ralph stated in his review. Most shots are very sharp with excellent clarity: true HD in OAR. In between these shots, however, appear to be a grab bag of soft focus, optical effect softness, optical zoom ins, and other distractingly bad shots that appear to be from the source. I could not see any indications of artificial sharpening. I couldn't spot any direct uses of DNR - often what I first suspected to be DNR was either bad makeup or soft focus. This certainly isn't a newly mastered 4K transfer to blow your mind. But as far as I can recall from seeing it in the theater, it surpasses my memory and most importantly, surpasses any other home release.
The audio is aggressive, but almost in an annoying way. Since this whole film is essentially a spoof of action films in general, they even use the audio to make the point. OK, we get it, random loud guitar shreds with every punch thrown and shot fired is satirical and humorous. Dialog was as clear as one could expect from an Awnuld film "Donneeee ged dowwwwn!"
Definitely worth a trip to the bargain bin if you're a fan.
