See No Evil said:

so is the Elite DVD the same as the Limited Book of The Dead DVD,as far as the print is concerned?

But I do think the Limited Book of The Dead 2 looks totally friggin amazing! great Picture.

Picture wise, the Elite 1999 DVD has the sharpest & best quality picture of all the releases (including the treasures DVD). The later Anchor Bay DVD's have a different transfer. It's matted into 16:9 (top & bottom chopped off), its far more grainy than the elite version and the contrast is much too high resulting in some bright colours like red, looking blurred. You can really see this on the title text if you compare them.

The other thing to bear in mind regarding the Elite release (as well as the 1998 Anchor Bay DVD that immediately followed and used basically the same transfer) is that it features a couple of annoying modifications made to the film that Raimi insisted upon. When Cheryl turns toward the camera during the "Jack of diamonds, jack of clubs" scene, there's an artificial zoom-in added, and the earlier effects shot of lightning hitting a tree has been cut out completely (although you still hear a sound effect).

So although the Elite is often touted as being closest to the original theatrical version due to it being fullframe (which is erroneous anyway since the film was usually cropped to 1:85:1 in cinemas), this is not true. The fullframe version on the recent Anchor Bay Ultimate Edition undoes all the changes, but has a comparitively lacking transfer heavy on DNR and bad contrast. I'm not keen on the Elite's bright, warm colour scheme, but the sharpness and clarity of the image has yet to be beaten.

As much as some might balk at the idea of another ED re-release, I'd wholly welcome a DVD or at least a Blu Ray with a new HD transfer that had the best of all worlds: as sharp and clear as the Elite, with a colour scheme closer to the Japanese LD (but not quite as dark and blue-tinted), none of Raimi's mid-90s changes to the film, and an anamorphic 1:66:1 aspect ratio (which was what Raimi composed the film for during shooting anyway).