Watched it last night. The picture is great. It's not perfect, but I noticed a lot of small details that I had missed with subsequent viewings on VHS and TV, particularly because the picture was a lot nicer.
The special features are ok...the "Charge it to the Underhills" extra is kind of different, which is what the guy said he set out to do. And there's a joke at the end of it where the guy tells his assistant, "You forgot to remind me to talk to Chevy!" A lack of Chevy, but conversations with M. Emmett Walsh, Dana Wheeler-Nicholson, Richard Libertini, Tim Matheson, and Larry Jenkins, and the screenwriter and producer and some other crew. The guy even asks Tim Matheson about the relation of "Fred Dorfman" being the same guy as Kent "Flounder" Dorfman's brother in "Animal House". Matheson laughed and essentially acknowledged that he thought it was intentional. It was a brief but enjoyable 26 minutes.
There are also references to deleted scenes, but because the tape was lost, there are just photographs. Apparently other flashback/dreams of Fletch, like a further sequence involving Kareem, the actual reason Fletch hates Tommy Lasorda (apparently Lasorda brings in Fletch to close a game, and the batter is 3 feet tall, so Fletch walks him, which leads to an argument with Lasorda), and some kind of hockey interaction.
The sound is improved, but still suffers from that move from a 2.0 to a 5.1 mix where the dialog is a bit muted, but then when action or music hits, it's really a bit overpowering.
It's worth $15 to me, but it would've been nice if Chevy would've participated in the interviews, or a commentary. Even a commentary by the screenwriter (the director has since died) or some of the actors they got for the interviews would've been nice.
