Having seen it, albeit not on Blu-ray, my feeling is that, much like the Fox three-strip films, it is what it is. Every bit of footage from which we could harvest some sort of image, excluding some bits and pieces that don't below, is in the project.
Quality of the reconstructed footage is a solid 1.5 or thereabouts.
As I believe I've noted in the past, we have made a burlap purse from a sow's ear. This one is for the fans, and as a record of what the film was.
And yet, these kinds of reconstructions are the ones I tend to enjoy the most...because I can see the labor that went into it, and I can better appreciate the fragility of the medium. It makes the work that much more precious, like the final restoration of Metropolis, and its newly discovered, albeit badly marred scenes.