Anthony Hopkins

The DV/HDR grade is tasteful and not overdone. SC has better compression, though not flawless; encoded by FiM, but Criterion also holds up quite well. Both releases claim to be approved by Lynch.

SC has a missing fade that Criterion reinstated.

The film was originally mixed in Dolby Stereo (matrixed LCRS). For the 4K restoration, this mix has been transferred from the original magnetic elements and remastered with Lynch's supervision. Unfortunately, the fidelity suffered in the process, with many sections ending up significantly less detailed due to a noise reduction pass. This track has been altered compared to the original, with reverb added to some dialogue, different ambient sound effects, changed panning, and extended bass.

For the unrestored mix, there are two major options, each with its own merits and flaws. The 2001 Paramount DVD, which I would say is the best well-rounded mastering, and the 1999 Japanese LaserDisc, which has noticeably better clarity and high-end detail, as well as better dynamics, but suffers from occasional distortion and has less bass than the DVD.

The LD also has some ambiance buried too low in the mix, and some dialogue panned more to the centre than the DVD. There are no content changes I was able to find. Unfortunately, I don't know what accounts for those differences.

The other available tracks all have more significant flaws. The Italian and Japanese BDs use the same base mastering as the DVD, but with some patching in a few shots. HD-DVD is sourced from an inferior transfer, the same as the Momentum DVD.

The 5.1 remix, originally introduced on the 2002 DVD, and carried over without changes to the 2009 BD is a light and mostly faithful remix, with fairly minimal LFE and surround use, but still potentially worthwhile as the only discrete track.

Universal UK 4K Blu-ray > US Kino Lorber

UK Universal 4K Blu-ray is missing Kino Lorber extras

Kino Lorber 4K Blu-ray has mediocre encode

2023 Sony 4K Blu-ray Steelbook edition added Dolby Vision, previous editions are HDR10 only.

Arrow 4K Blu-ray > Criterion 4K Blu-ray > Kino Lorber 4K Blu-ray

Criterion Blu-ray has exclusive extras

StudioCanal 4K Blu-ray has the 2.0 PCM mono audio

Sony 2022 Steelbook 4K Blu-ray for Dolby Vision, original forced subtitles, updated a few scenes (see caps), and a few new extras on the 4K Blu-ray disc.

US Cohen 4K Blu-ray > Concorde Germany 4K Blu-ray, from nicwood:

Cohen has original SDR master, correct gamma, very good encode. Preferable to the Germany 4K with worse encoding, translated titles and fake HDR.

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.

DTS HD-7.1 from the Paramount Blu-ray is not Atmoused

DTS-HD 7.1 from Blu-ray is not Atmoused

Australia Imprint 4K Blu-ray > US Kino Lorber 4K Blu-ray

See caps for Kino: caps. Here’s a particularly egregious example.

Kino Lorber has a exclusive commentary

The DTS-HD 5.1 from some of the international Blu-rays and the TrueHD 5.1 on the 4K Blu-ray are similar.