True, 720p is not permitted by dvd format, and all HD resolutions are inherently non-anamorphic, being natively 16:9. The term anamorphic refers only to Panavision-type film lenses and widescreen dvd's since they horizontally squeeze the image and then stretch it back out during playback. I guess this is probably an H.264 encode on a dvd disc, so a Bluray player would be required.
I would certainly be interested in seeing this if I had the right equipment, though I haven't been able to get in the HD game yet. From the looks of things the jaggies are the only real problem with the image (and unavoidable DVNR artefacts, obviously).
The thing about the 2004 mix is that using it negates the claim to being the "theatrical version" of the film, because no theatrical release has ever sounded remotely like it (and hopefully never will). I'm rather attuned to the aural side of things more than the visual, and that mix was the thing that really soured me on the SE's and put me on the path of going back to the unaltered films.
To give an idea of just how wrong it sounds: a few weeks after I got it I did a direct comparison of the dvd with the '85 stereo on vhs, to prove to myself I wasn't imagining the crappiness of the remix, and found that by altering the EQ when playing the tape, I could make it sound almost exactly like the dvd. The receiver I had access to at the time had a five band EQ on the front, and if I increased the 100 and 300 hz bands to maximum (+10 db I think), left 1 khz alone, and reduced 3 and 10 khz to minimum, the result was extremely similar to the 2004 mix, at least as far as the sound effects were concerned. This alone proved to me that whoever was responsible for it was a tone-deaf buffoon, and had absolutely no idea what the film is supposed to sound like. Say what you will about Ben Burtt's need to elevate his sound effects over music, but I have a hard time believing that even he could have had anything to do with that mess.
I'm not sure if my soundtrack would synch to this, since it is derived from the GOUT-synched tracks created by Belbecus, and the frame count is most likely not identical . . .