This new release is sounding better by the day. The people releasing this new set have been doing Q&A here, and even though the new company is run by people who ran the old company (Rhino), they confirm that their release should be free of all the sound and visual problems of the Rhino (and Madman) versions.
They also say that they intend to release the complete series before season 2, so that those of us who would want the whole series anyway, don't have to wait as long for it.
And from here, the entire set is being debuted at SDCC, and then to US retail stores soon after.
Interesting...Bonus material includes "a 'conversation' with Bob Budiansky" and a "roundtable discussion" with 8 G1 voice actors, including Frank Welker.
Pity we won't be getting this here, since Madman are re-releasing their version here at about the same time (see the AUS news section).