I must come clean right from the start and admit that I'm considering buying the "Superbit Collection" version of "MIB". Then I could generously give disc one of my "Deluxe Edition" to a friend. Now I'm rationalizing, so it's on to the DVD in question. (Although I should mention that there's yet another version, the "Collector's Series" disc with DTS audio encoding. Oh, and I almost left out the "Limited Edition"--wouldn't want to do that, as it could confuse matters.)
The first "MIB" was one of those rare summer releases that actually lived up to expectations: It was wonderfully cast, and the effects never got in the way of the story. The only problem was that it could have been a bit longer--how often do you say that about a movie?
Granted, the "Deluxe Edition" DVD doesn't have DTS; it does have Dolby Digital 5.1 encoding which should be sufficient for the vast majority of us. Video quality is good: On a scale of 1-5 I'd give it a slightly generous 4. The pairing of Barry Sonnenfeld and Tommy Lee Jones to do the voice-over commentary is inspired: They come at the film from totally different viewpoints. Disc 2 makes up a bit for the brevity of the film by including extended and alternate scenes. Admittedly, Disc 2 has lost some of its appeal - it feels somewhat dated, which it is - since it contains a "teaser trailer" of - and a "sneak peak" at - "MIB II", along with other filler like storyboards and production notes. And if you're pining for those days when MTV was playing Will Smith's titular video on the hour, it's there, too.
All things considered, the "MIB Deluxe Edition" DVD is a worthwhile addition to your library. Every few months I pop it in the player--the movie is short enough so that it won't consume the entire evening unless I subsequently start digging into the extras. Come to think of it, I don't really need the "Superbit" version....