John Turturro

Arrow UK /Capelight DE 4K Blu-ray > Kino Lorber US 4K Blu-ray, see caps

Arrow has done additional cleanup work removing nearly all the damage in the transfer. They have massaged the color timing and HDR to try and improve what they could. The Capelight may have better encoding but it does not have these improvements. The Arrow encoding is solid and in motion there are no issues whatsoever. The Kino Lorber release has the damage and other issues plus frequent noise due to the lesser encoding.

Some scenes in the Arrow transfer are better, some are better in the Capelight.

(Arrow is a port of the LaserDisc track, see spectrograms) This track has the best fidelity of any release but does have some channel bleeding baked in. The 2017 2.0 on the Arrow and Shout! Factory Blu-rays was the Dolby Stereo original mix without channel bleeding but that had heavy noise reduction resulting in a very flat and underwhelming presentation. The surround winds up being lessened as well due to the processing. It's a tough choice between the two but the Image LaserDisc audio wins out because it hasn't been messed with and the impact is so unrestrained that no other version hits in the same way.

Capelight and old Arrow Blu-ray included the original stereo mix, but with excessive noise reduction rendering it much less detailed. Kino Lorber only included a painfully defective 2.0 track sourced from somewhere with limited fidelity, volume spikes and screechy high end which frequently ruins the music. The 5.1 remix on most modern release is a processed version that does not sound as good as it once did.

The best and most accurate of the 5.1 mixes is the original version from the 2003 Special Edition DVD in lossy AC3 form.

The best source for the commentaries are from the 2003 Special Edition DVD.

Criterion DVD for the original Dolby Stereo (lossless). 5.1 upmix on BDs is fine, DTS:X is revisionistic

Criterion Blu-ray has extras not found on the Universal 4K Blu-ray

Target Exclusive Blu-ray has exclusive extras

The film has several changes internationally and on digital platforms: https://tfwiki.net/wiki/Transformers:_The_Last_Knight_(film)#Other_editions 

Hound's crosses were red on the theatrical cut, but blue on home video and digital platforms.

Imprint Australia 4K Blu-ray has slightly better compression than Criterion 4K Blu-ray.

The master in DV looks all but identical to the Criterion’s HDR grade. Detail-wise, FiM’s encode looks like it uncovered a tiny bit of extra high-frequency information that got filtered on the Criterion. See nicolas review

1990 Criterion LaserDisc/1993 MGM LaserDisc/2002 R2 MGM DVD are the best. See blah-ray https://blah-ray.blogspot.com/2018/01/raging-bull-1980.html

Imprint Australia 4K Blu-ray has better audio than Criterion 4K Blu-ray, from nicolas:

I believe that what’s on Imprint’s 4K is one of the good mixes MGM and Criterion released during the LaserDisc days. Music is powerful and detailed, dialogues have excellent fidelity and ambient sounds have perceptible depth. I compared the "new" 2.0 with the anemic 5.1 as well as the Criterion 4K mix and could clearly hear the improvements.