The region 2 DVD looks better. It's anamorphic. The blu-ray has some overexposed backgrounds like when they are in sitting in diners talking. The region 1 DVD isn't even anamorphic (16:9) so it will have black bars on all four sides with a modern HDTV. The blu-ray is sharper than DVD, but I think it's better to look a more soft and grungy look, given the seedy locations and characters. They blew out the highlights and messed up the subdued grimy color palette.

Bumping this thread to let everyone knowYeah I have the Blu-ray, the quality is the worse I've seen so far on Blu-ray.
I mean this is a Scorsese movie (not his best, but still) starring the late, great Paul Newman (won the damn Oscar) and Tom Cruise (STILL a huge star/known name today), you would think they would put a bit of effort into it
I mean its passable I guess, just not what you expect from Blu-ray (its more like DVD quality).
I am guessing they wont be another re-release if that's the best they could do for the 25th anniversary edition, sad.
At least it was only 10 bucks.