The King of the Monsters is on Blu-ray!
A misconception about the video is that it is an upconvert from the 2006 DVD. That is not true. Classic Media got a film print of the Japanese version from Toho and they made a raw HD master from their extremely damaged print. They did not clean up and restore the print like Toho did with their releases, which is a shame because this could have looked even more awesome if they did restore the film. The audio, even for 2 channel, is very impressive; it sounds much better than the 2006 DVD release.
The extras are ported over from the 2006 DVD. Now, to address the biggest issue regarding to the U.S. version with Raymond Burr; Toho does not own an actual film print of the 1956 "Godzilla, King of the Monsters". Over the years, the film was replaced with a VHS copy of the film. I'm sure if Classic Media was to make an HD master of a VHS, it would look horrible. Now, there are film collectors out there who own an actual 16mm of the film but was rejected by Classic Media for the 2006 release, however they did get the end credits from a collector but did not use the whole film, which is a shame. Given that Japanese version looks great, despite the poor handling throughout the years, I give this release a 4/5 total.