Trash you old editions and get the Synapse Blu-Ray!
Having upgraded through 50 gazillion VHS and DVD editions (and I still contend the '98 Anchor Bay disc was the best until this point), I'm happy to report Synapse has issued a release that's 100% watchable. You can FINALLY see what's going on in the dimly-lit night scenes, the colors are lush and properly saturated, and the picture's about as sharp as it could ever possibly be (taking into consideration that it was filtered and shot on cheap film stock).
Others have noted the good 5.1 audio mix, which personally I wasn't impressed with (the dialogue's clear but the songs/music are sort of muted) but thankfully the original mono track is included.
I'm slightly baffled by the 10 minutes of alternate TV footage, which seems to be transferred from film in its original aspect ratio. It's doesn't look quite as good as the movie itself, but it's a tremendous upgrade from the VHS TV dubs that have been floating around (if only other studios would put this kind of effort into finding lost TV footage from old movies). Additionally, there's 25 more minutes of outtakes -- which is raw, silent negatives of various unusued/alternate shots which are accompanied by the score.
Plus there's a trailer, TV/radio spots, a new 40 minute documentary, a meandering audio commentary and a still gallery filled with both standard and rarely-seen photos (including the Japanese program). About the only thing that they didn't include is the soundtrack album (which has only been released as a bootleg).
Once again, Synapse has proven themselves as the Criterion of bad horror movies, and I wish Scream Factory (which is becoming increasingly sloppy with their releases) would follow Synapse's example.