The MGM DVD was very very good and, if the blu-ray is a 1080p version of that I will buy it in a heartbeat. If it's from another source (memories of NOTHING SACRED and STAR IS BORN are sticking in my teeth) that's less "good" I will have to pass.
I watched this one this afternoon, and most of it is beautiful. Yes, there are some age-related artifacts and slight spotting and some fade along the edges at times, but it looks quite warm and very appealing much of the time, and the sound is solid throughout (at one point, Steiner's music does threaten to overpower the dialogue).
I'm very happy to add this to my collection and let a friend have my DVD copy.