The Three Musketeers (1921)

Arrow has a different grade and a better encode than the Shout! Factory, though the difference in either is not major. Imprint release, which leaves Shout! Factory's master and subtitles as is, is encoded by FiM. https://forum.blu-ray.com/showpost.php?p=24473097&postcount=56

Original mix: Shout! Factory 4K Blu-ray (similar to Criterion LaserDisc, but less distorted)

Alternate mix: Scanbox Nordic PAL DVD

Surround remix: HK Video France 4K Blu-ray (5.0)

Arrow used the alternate mix, but with extra filtering and lowered dynamic range. The alternate mix has much better fidelity.

Imprint presumably used the Shout! Factory original mix and left it as is, though no official confirmation.

Arrow has a much better translation.

Arrow LE has the Taiwan Extended Cut which will not be present on the standard edition. However, Imprint is FiM and has its own archival extras not present on the Arrow.

The Paramount 4K Blu-ray has a much better new scan that removes the original extremely dated color grading. This is an improvement on one hand but a definite revisionist change on the other. There is the expected grain management and slight HDR issues in addition to encoding quirks from Paramount. It is a giant improvement over the original Blu-ray but the color change and other issues means that the Blu-ray is one to keep for purists to have the as-is original iteration of the film's presentation. Audio wise the film has been remixed into Atmos but it merely seems like a slightly tweaked and frankly tamed version of the original 5.1. Of the two I prefer the Blu-ray 5.1. The original Blu-ray was Dolby TrueHD and the reissue Blu-ray in the four film Blu-ray collection boxset was DTS-HDMA.

DFIC extensive review: https://youtu.be/evsrJOTIjdA?si=wtdWGxZBfhPYTIeW