Firstly, for those of you wondering, the US import IS region free. It plays perfectly well on my UK PS3.
The picture quality is very good, but not the best I've seen on blu-ray. But let's be balanced about it, this is a low budget movie shot mostly at night. Not day-for-night, but simply night, which is never easy. The result is graininess in the blacks, although you can significantly compensate for this by adjusting your contrast settings etc. Grain doesn't bother me too much anyway, as I don't sit too close to the screen. However, despite the grain, the image is otherwise very clean and sharp. I do think they've gotten the best transfer out of the negative or interposotives they used, as the sharpness of the image can't be criticised.
The audio has been cleaned up very nicely. Again, the source material was never the strongest, with analogue issues in all previous releases (including the first DVD release) but all that seems to have gone. The dialogue is mostly clear and the score has never sounded better. I think Manfredini's music benefits from this release as much as anything else; it's certainly the aspect I noticed felt "newest" if you know what I mean. It doesn't sound as tinny as it did before, and that's a good thing.
The extras are very nice, if a little short. But what's there is welcome, especially seeing some of the key cast/crew members again. Most of us want to see how everyone's doing, and seeing Betsy Palmer and Adrienne King sitting at the same table after nearly 30 years is great. The cast reunion isn't very well edited, but then it's only really a convention appearance so the filmed material is limited. But yes, it's nice to see them. In the reunion, we see Betsy Palmer, Adrienne King and Ari Lehman (Jason), writer Victor Miller and composer Harry Manfredini, and in one of the other mini-documentaries we also get a nice couple of bits with Robbi Morgan, who played Annie. She's cool.
Anyway, there you go. Like I said, not a perfect picture, but it's sharp and probably the best they could've got without spending a HELL of a lot reprocessing the whole thing frame by frame a la Blade Runner Final Cut. The audio is better than it's been before and clean. The extras are pretty good but I would've liked more.