To give you an update of where it is at, and what is involved:
We are doing all of this with lossless compression. This means its over 80GB per movie, so doing anything to it takes some time, money and a turdload of storage.
The video has been captured, but now has to be inverse telecined, to get back to a 24fps progressive master, and then joined into a coherent whole, removing side changes etc. This has to be done for each movie.
Then we need to go through them and fix any glitches, and sync the audio. This is just to get to the point where we have a clean, lossless master to begin with. (i.e. Now we can actually start). This has meant a lot of hard drive purchases, and hundreds of bux just in shipping costs alone for each person involved.
Then it will need a colour grade, perhaps some filtering in some scenes, a final check and then finally a transcode to DVD-9 to make a more easily playable version on home equipment. Perhaps even a WMV9 version for HTPC users. From there it will be up to all of you. If it turns out to be better quality than the currently available archived versions, then perhaps other versions will come out based on this capture (Like mebejedi's work on fixing sabre mistakes, and mverta's work on removing matte lines etc.), but at the very least an untouched archive will be made.
So hang loose people, it won't happen overnight, but we will get there. It should result in a very good archival copy. It will be theoretically possible to make a better archive (by playing with the capture settings a bit more, and recapturing) but the difference would be outrageously small, and anyway this version should look better than it did on your laserdisc player unless you are lucky enough to own an X0 or x9.
Now of course you could make a better version by attempting a a de-SE style project, but to do that you will need as good a laserdisc transfer as possible to use for inserted scenes, so the X0 project is still an important part of future projects as well.
TR47s new project will probably be finished before ours, and may look as good or better, so hopefully we will be spoiled for choice!
(BTW. The reason for this post is not trumpet blowing, its just to stop the flood of PMs and e-mail asking when will it be ready, and 'Why are you doing this when there are already LD transfers out there'. Its also to let people know whats involved - another common question is 'How can I make my own LD rip' I hope this answers some of that. Feel free to e-mail me with other questions/suggestions though. )
A big thanks to everyone that has helped out so far - its much appreciated.