Here are some updates:
http://www.videobusiness.com/article/CA6663030.html
"Classic Media is bringing the original Godzilla to Blu-ray Disc for the first time with the release of Gojira, the '50s classic in which nuclear bomb tests in the South Pacific awaken a 164-foot-tall mutant dinosaur that threatens to destroy Japan. The film was released in the U.S. in an edited version as Godzilla: King of Monsters, in which scenes with Raymond Burr replaced scenes with an anti-H-Bomb message. Classic has gone back to the uncut original version, remastering it in high-definition. The disc will include special features such as interviews with experts on Godzilla. Viral marketing will appeal to consumers on comic book fan sites, blogs and related media. The monster movie "was the first of its genre," says Robert Mayo, senior VP of home video for Classic. "We're planning for this to lead off the line of Godzilla titles on Blu-ray." —Cindy Spielvogel Sept. 22
Gojira (Godzilla) CLASSIC/GENIUS prebook 8-11; BD $29.93 Foreign-language horror: Ishiro Honda's 1954 black-and-white classic has been digitally remastered for release in its entirety on Blu-ray; in Japanese with English subtitles. "
As for seeing grain, scratches, and dust more clearly - I think that is exaggerating it a bit. WTF-Films did a review of the HD print. Take a look!
http://www.wtf-film.com/ARTICLE.shtml?D ... I_ONE.html
And this never gets old:
http://www.scifijapan.com/articles/2008 ... -in-focus/