Moving away from the fun in the CineMassacre thread, I thought I would chime in with an update on the HD project.
The official website has been updated:
http://www.nihon-eiga.com/godzilla/
There is also an official blog being updated daily:
http://hd-godzilla.cocolog-nifty.com/
It turns out the remastering was quite extensive. They went back to the master positives (one generation away from the original camera negative), cleaned and swabbed the film frame by frame, washed and dried, converted to HD, cleaned further frame by frame on computer, color corrected, etc.
They are airing a new movie every night, having started with GODZILLA on Saturday (Oct 25th), GODZILLA RAIDS AGAIN on Sunday, and KING KONG VS. GODZILLA today.
Unfortunately, the only I've seen so far seems to indicate that it's still in pretty rough shape. It calls it "awful" and "horrible", and says it was "poorly remastered". Mocks the so-called color correction, and says the night scenes looks like someone bumped up the brightness in Photoshop giving it some kind of "whitish black" look.
Too bad.
Everyone seems to be praising G54 and GRA though.