Hey Kup, I have the G1 Blu ray movie and also had the G1 DVD. Well, the DVD had 2 versions - widescreen and fullscreen, while the Blu ray has only one, the full screen. Apart from that they are the same in terms of features.

For picture quality I honestly could find little difference at all. Both are remastered. I mean obviously it's better than the earlier Madman release of the movie, but that's because it wasn't remastered, the latest DVD (remastered) is also equally better.

However JB Hi-Fi told me that you need to have a TV with 'true HD', or 'full HD' as opposed to just HD in order to get the full benefits of Blu Ray. I believe mine is only HD, not true HD. True HD costs around $1000 plus I'm told. I got a cheapo Soniq 42' for $399.