I'm sure my head isn't with it today... I read this as Westworld, then got excited... I googled Arrow Westworld and obviously no results... Time for a coffee or a rest, lol.
But on topic, I haven't seen Waterworld since it was first out. I don't remember it being any good to be honest, but have always wanted to watch the Ulysses Cut so may have to grab it at some point (if it is included with this, if not, go for Arrow).
At this point they should just stop "trying" to create SteelBook covers. From now on just go with an all black background with the title printed in white on the front and spine for all SteelBooks. Each title will be easier to read on the shelf and it would still look better than most SteelBooks.
Or if they want to be "creative" then use the movie's title logo for the front if the movie has one.
I still have the German steelbook. (those are stickers, fsk n BD logo) They could have used this but vertical and it would be a winner since Waterworld has never had a proper steelbook release WORLD WIDE. I'm holding out hope tho that the finish on this new design might "set it off" and make it be great in the end.