European money, European production. Most European films were shot 1.66:1 and then cropped for presentation here to 1.85:1. These were the differing standards in our respective territories. The difference is usually marginal if the film wasn't specifically composed for a particular ratio. Later on 1.66:1 became less used and 1.85 more common across the globe, hence Brian and Meaning of Life running at that ratio.
Personally, I love the 1.66:1 ratio and whenever a film was shot in it I like to see it that way to notice a possible difference. I like the shape as it more closely resembles a still photograph and is a more visually interesting way to hold a larger image than scope widescreen, than a flat 1.85 or 1.78. When 1.66 films have been cropped for home releases here in the US, image can be manipulated in negative ways. Just look at the first three Bond films and some of the early Hammer horror classics to get an example of this.
I was glad that I waited for the 3 disc Holy Grail DVD because the 1.66:1 looks much more esthetically pleasing to my eyes. The 1.85 just looked a bit too flat, and I know that the film was originally shot in 1.66. The added scene never bothered me, but you might have to go to VHS to find a version without it.
The 5.1 mix is completely unnecessary. The mono is a bit tinny and undefined being from a low budget production, but completely adequate. Life of Brian suffers from a badly mixed original Dolby Stereo surround track that was finally cleaned up and placed into a good 5.1 remix that keeps the original primarily mono audio imaging.