The film was dubbed in English for an EXTREMELY brief limited re-release back in March. I saw it in its original theatrical run here in French and again in English (the dub was also directed by the same people who did the French.) It is a really good dub, featuring Gena Rowlands as the grandmother, Sean Penn, and the lead role & her mother both played again by their original actors. I think both versions are valid and good representions, and I expect that the Blu will contain both. (I don't have a source for that though, it's just a guess.)
But I *loved* the film and will definately be purchasing it on Blu. For such a darkly-toned story, it is surprisingly hillarious and yet gets the dark stuff just right too.
I am really looking forward to this, we are really starting to get a bit of an eclectic mix released on blu ray what with the Criterion announcement as well. It also looks like Sony coul dhit there 100 releases for 2008 at this rate as well.