I own the current DVD in its original artwork, and I bought it back when it was still $34.95 retail, which it stayed at until the new artwork edition was finally released about a couple of years back. I will say that if you find the DVD with its original artwork, pick it up. I hate the artwork with Belushi and Aykroyd's face plastered onto it. The original artwork was better if only because it didn't give anything away.
But yes, the DVD needs a true upgrade. A new 16x9 transfer of both the extended version and the theatrical version, plus a reworked 5.1 mix as well, as I think the current one is a little weak, as it always has been. Though a note to Universal: If you decide to upgrade, please leave on the complete 102-minute documentary as well as the three theatrical trailers and the deleted footage from the film as well. In fact, everything from the past release would be great.
Another thing I would love to see would be TV Spots and maybe even a new featurette with interviews from all the surviving members of the cast, since the main documentary had interviewed basically only the crew of the film, I would love to hear the cast talk about the film and hear what they now think of the film itself. But I want the very first issue of the artwork to return as the cover please. It was a beautiful cover and it would be a shame to squander a new release without it.
As for the film itself, I agree with Robert A. Harris that it is one of the great comedies of its time. It's very funny, ranking among some of Spielberg's best work, and that's especially true of the extended version, which becomes more character oriented with Wally and how he's basically part of everybody's story. That was one of its best ideas, and Spielberg pulled it off perfectly. The film also played off sexuality as comedy very well, especially in the scenes with Tim Matheson and Nancy Allen, who eventually end up in a sex scene on a B-17 that is instantly unforgetabbly funny. I bet that if the movie were released today, the movie would easily get an R rating just for that scene, especially with her moaning, "Give it to me, Loomis. Oh, give it to me." My, how times have changed.
Still, it's one of my favorite movies of all time and I'm finally glad to see a thread that's basically saying nothing put positive things about it. I started a thread about the extended version somewhere online about two or three years ago and the comments were way more mixed there, with one poster calling it "shit with sprinkles" pardon my expression, but that was what I recalled seeing from that certain poster. Still, there's no accounting for taste, as there are some out there who don't like it. Still, I think Spielberg said it best in the introduction of the documentary, when he said that "watching the movie today is no different than playing 'Doom II' on your PC because it's a blast to the face of sight, sound, and imagery." I think today's Internet generation understands the film better than they did in 1979 because as Spielberg also said, "it was way ahead of its time", even though France actually priased the movie as well, but that would be a whole other story.
To make it more simple, I love the film, and like Robert A. Harris, I would love to see a new edition just as much as he would. Let's hope someone from Universal is watching up here.