O.k....I went down this road a while back! I suppose the
BEST edition would be the Japanese edition called REBELLION.
It'll cost you $50.
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-OR-
You can do what I did...which is a little more low rent! Miramax/Echo Bridge put out a DoublePack of Equilibrium and Renaissance together.
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It is a two disc collection (one is both movies on DVD and one is both movies on Blu ray). Even though it has two films on one blu ray, it has a good bitrate (around 16), Dolby Digital, and MOST importantly - the correct aspect ratio.
(Do not. Repeat: Do not get The Miramax Echo Bridge standalone Equilibrium. Even though it is the same guys - it came out in a different year, and has an incorrect aspect ratio).
Maybe it is a little "ghetto" to do it this way - but it is very inexpensive considering the import prices.
I can't go back and remember how exactly I came to this conclusion - but it was the most logical decision to me at the time. (Also keeps it Region A, if that helps)
And, like you mentioned- the steelbook is a two disc set. So you just jettison the DVD and put this in - and Bob's Yer Uncle! You have the Dual Movie blu ray disc for watching the film in the correct aspect ratio, and the original steelbook Blu ray for all the extra features (commentary, etc)!
I have watched and enjoyed this copy. All good.
*you can usually find the dual edition for around $6 on ebay...