Paramount 4K Blu-ray

Paramount 4K Blu-ray has the original colour grade

251 min cut (Extended): Fox Blu-ray. Eagle Pictures has forced Italian subs in some parts

229 min cut (Theatrical): WB Blu-ray

139 min cut (US theatrical): VHS

Eagle Pictures 4K Blu-ray, caps

The 4K includes both theatrical and extended cuts. It's overall a solid upgrade over previous discs, but some will strongly dislike the color grading.
There are some issues with encoding and grain management.

Nic's review:

Some definitely messed with it as there’s grain management going on that resulted in magnetic, squishy grain movement. Both cuts (4K discs) are affected and it doesn’t look like an encoding issue to me as the bitrates don’t drop down to single digits á la Paramount or StudioCanal. During opticals, the lowest I’ve noted on the Extended 4K was around 30 MB/s vs. ~5 MB/s more for the theatrical cut.

Darker scenes are mostly (but not always) better but when it gets brighter, particularly in exteriors or scenes like the Jennifer Connelly dance scene at minute 38, I can’t unsee the digital tinkering as it does some damage texturally.

I compared it with the Eagle Pictures and Warner Bros Fox Blu-ray of the extended cut and they all look fine without grain management like that. Eagle Pictures’s Blu-ray is an older one if anyone’s curious and credited to another authoring house than 64Biz, which did the 4K.

Other than that, except for some encoding-related chroma noise that peeks through in the DV layer, Eagle Pictures did everything right. They corrected the framing to 1.85, kept the original English titles, the English restoration note, subtitles, HDR/DV is gentle and respectful of the source black levels are better than on the Warner Bros/Fox Blu-ray. Without that grain management, this would’ve been the all-timer release we all longed for.

251 min cut: Fox Blu-ray (24-bit, Eagle Pictures is 16-bit, not audible)
229 min cut: Warner Bros LaserDisc (missing 2 minutes, but original mono mix was never released on DVD/Blu-ray)

Extended edition adds scenes cut from the theatrical, but from a much lower quality source. It's intended to approximate the original cut, but to what extent that is true is debatable.
US theatrical cut is infamously bad, was panned at release and never re-released on home video.

Criterion or StudioCanal 4K Blu-ray

Criterion 4K Blu-ray is SDR
StudioCanal 4K Blu-ray is HDR

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.

Original matrixed Dolby Stereo mix: 2001 R1 Paramount US NTSC DVD/2008 R2 Optimum UK PAL or 1999 Pioneer JP LaserDisc

Restored stereo mix: Criterion / StudioCanal 4K Blu-ray

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.

Paramount 4K Blu-ray or Blu-ray

Paramount 4K Blu-ray. See caps
HDR/grading: nice, but some blown out
Encoding: inconsistent, smeared motion
DNR: inconsistent, frozen
Old Paramount Blu-ray is arguably a solid alternative choice

Paramount 4K Blu-ray mono is different version of the BD mono from the same old 2000 DVD transfer.

The 5.1 remix on the 4K Blu-ray is an appalling remix done by going wild with artificially generated stems from Park Road Post who were given the surviving mono to separate. The experience is jarring and fidelity to original mix in terms of level balance, directionality and impact is nonexistent. Not only does this sound painfully weird, but the Paramount mixers then did whatever they wanted in terms of LFE, sound pans and effect changes.
The original mono mix was not restored and still needs it badly. The 4K master is filled with frozen grain examples coming and going plus some HDR issues in addition to the usual Paramount problems. It is simultaneously better and worse than the Blu-ray master.