Channel 4's screening
Channel 4 have shown this film regularly over the years, and it was shown once again at 1am on Tuesday morning.
Out of curiosity I recorded it and was quite surprised.
It was shown widescreen (1.85:1), with the subtitles in the picture, and the picture quality was very good! Given the age of the film, and what it was shot on, it wasn't exactly crystal, but compared to the DEI/Eros DVD, this was far better. It looked a touch brighter and had less grain.
Unfortunately, given the running time (and inclusion of adverts) this was probably about 170 minutes long, with scenes shortened or cut altogether.
Maybe one day there will be a definitive release of Sholay (35 year anniversary tie in next year?), but for the while, this recording is quite possibly the best I've ever seen it look.