I saw the original release several times in LA before it got pulled. It did look gorgeous, not what we are seeing in the BR. My biggest complaint, however, was the removal of the intermission in the BR. Although the film needs it, it is such a memorable moment with John Hurt disappearing into the plume of the train's smoke. It's a shame that was sacrificed.
The Library of Congress has the 70mm premiere showprint of HEAVEN'S GATE which they showed about 9 years ago. Would be great if they did that again.
I miss the intermission too.
The Blu-ray is not perfect (as I said I prefer the original colors, that I saw in a very good 35mm print with Dolby Stereo in early 2012) but at least the film was restored at a time that I had strong doubts that it would be seen just in HD.