How's the bluray?

If you're a fan I would say yes. The big difference is how vibrant the colors are (the red of Pee-Wee's house really stands out and feels a lot more bold). It isn't a "drop dead gorgeous" transfer but it is very faithful to the original look of the film and is, hands down, the best it has looked on video. One hilarious difference is how obvious the "matte lines" are in some effects shots (like Pee-Wee's bike jump)

Overall I would say YES if you are a fan.