I watched this last night (the short/theatrical version, not the extended cut) with the English dub and found it to be, for the most part, excellent.
However, as has been said, I was surprised by the switches from English to Italian and back again and the clicks which occurred during the audio changes to be quite annoying. Again, only audio front, I was disappointed by some of the crackling and the level of distortion when the brakes screech was horrible.
Visually, the disc is very impressive with a high quality HD encoding but, as has also been said, the compression artefacts during some of the darker scenes are a real shame, but not bad enough to spoil the scenes in question on my enjoyment of the film.
It has been ages since I last saw Four Flies on Grey Velvet and it was a joy to watch it again with AV quality of a higher standard than on any previous release. If the audio glitches had been sorted out prior to release, this one practically be the definitive edition but, with the distortion during the final scenes, I wouldn't call it that just yet.
I'll have to watch the extended cut with both English and Italian tracks (plus the shorter version again with the Italian track) before writing my full review, but those are my opinion so far.
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