The latest version is cetainly better than "decent"; at least it's anamorphic with a good transfer. I wouldn't hold out for a better disc, or you'll be waiting for a very long time.
I just watched "Sixteen Candles" last weekend. I own the High School Reunion version, and I am MORE than happy with it. The anamorphic transfer is excellent, not to mention the original sountrack has been restored. The audio mix is just fine as well. Forced trailers seem to be the norm for Universal titles, and as for the mono soundtrack.....well, different strokes for different folks. I'm happy with the current mix. Mind you, the inclusion of the film's theatrical trailer would've been nice. But regardless, a great disc.