With it being the 10 year anniversary next year and the third Mortal Kombat film coming out in summer 2005 (it's been confirmed by many sources, including Linden Ashby who played Johnny Cage in the first one) New Line SHOULD release a special edition.
They probably won't though, considering how I've seen the disc in bargain bins so many times.
I didn't know another MK movie was coming until your post, but from the IMDb information, it sounds a little unpromising. A director named mink? Just like that, too--no capitals. Plus, it was written by AICN's Moriarty? Umm, well . . . great things could still come of that, I guess.