Criterion

No clear winner, Criterion SDR 4K Blu-ray has better defined grain and is cleaned-up more thoroughly. But looks grayer and flatter in daytime scenes. BFI 4K Blu-ray's HDR/DV is better in contrast but the grading can be debatable.

The subtitles of Criterion  and BFI are translated differently. See BR forum.

> Criterion 4K Blu-ray see caps: https://slow.pics/c/s7AfL3XW

Grain is sharper/clearer on the new Carlotta/Criterion 4K; BFI's grain resolves slightly worse and more so in motion, being a standard Blu-ray; The Toho 4K's grain is softer, probably DNR'd.

BFI Player used to have the same mastering available to stream in 2019.

France Carlotta 4K Blu-ray is FiM encoded and superior to Criterion 4K Blu-ray see caps but the Carlotta release is not English friendly

A user writes: 'the 5.0 mix does not closely resemble the matrixed stereo track included on all prior releases (save for a 2003 French DVD which had 5.1). There is significant dialogue emphasis in the 5.0 mix while the older stereo mix has ambient sounds and dialogue mixed at nearly the same loudness. Additionally, the 5.0 mix has minor limiting in select loud sequences and a strange distorted quality on occasion (one notable example is the sound of a plane taking off which plays during a static shot of clouds in the sky). The stereo mix included on the FRA UHD/BD is a downmix of the 5.0 track.'

Tartan DVD probably better?

> BFI 4K Blu-ray. caps Criterion presents the master as originally graded in SDR whereas FiM added HDR / Dolby Vision for the BFI.

Criterion 4K Blu-ray's audio mix has more detail than BFI’s and same applies to the subtitles, covering both English and France spoken word

France Carlotta 4K > Criterion 4K

Image Entertainment DVD is slightly better than Criterion 4K Blu-ray/Blu-ray/DVD (all basically the same)
Other Blu-ray releases are all much worse.

> Capelight/Kino Lorber which has heavy noise reduction and opening snare hit is missing, Capelight is slightly better encoded than Kino Lorber

But still a bit overly noise-managed.

1984 CBS/Fox Hi-Fi VHS maybe better?

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.