The current release has an absolutely terrible transfer. A new anamorphic transfer would be most welcome. And hey, feel free to make it a full-blown SE!!!
THE CRYING GAME is actually a Miramax title, licensed to Artisan under a previous deal with the former Live Entertainment. As stated before, the deals that Miramax made for their pre-Disney titles are beginning to lapse, so I would not anticipate Artisan allocating big money to redo a title they will soon lose. They aren't like, say, Criterion.
As for MGM, they may retain some European rights to the movie as it was a Palace/Polygram production that Miramax bought an equity stake in, but they do not own it in America. MGM does, I believe, now own titles produced by the former Gladden Entertainment that Artisan has released. This would likely explain the shoddy fullscreen transfer Artisan did of Michael Cimino's THE SICILLIAN; they want to cash in one last time before they lose it to MGM, who will surely at least letterbox it on their own DVD release.
Judging by the response to this thread, I have a feeling that no matter who owns the rights, there may not be a big enough demand for a rerelease and new transfer. Oh well, I'm still hoping...
The present DVD of The Crying Game is one of the worst looking discs I've ever seen. I returned my copy as it was unwatchable. This really deserves a new DVD release, I'd be happy just for a new transfer, let alone an SE.