I am so relieved we got the original cut of The Motion Picture on Blu-Ray instead of the Director Edition abomination that came out a decade ago. The original cinema release from 1979 is the definitive cut of TMP and no one should tinker with it. It is what it is and shouldn't have been messed with.
I am just glad that Paramount had the usual foresight to render the new DE effects in SD thus sparing us from its HD release. If someone from Paramount reads this, please ensure you never let some fool looking for a quick buck talk you into remastering the DE for the undoubted future blu-ray special uber edition. It is not broken, it does not need fixing, it is what it is and we love it.
The best thing that could happen for any future TMP release would be to go back to original camera negative and rebuild the movie from there using the exact same system CBS digital are using on TNG right now. Imagine those wonderful effects recomposited with 21st century technology... the original elements but without noise/matte lines etc NO NEW CGI, just the original but better.
OH and please Paramount, when you re-re-re release TMP on bluray please please don't scrub the grain off. DNR SUCKS. Keep the grain intact, scan at 8k or 16k or whatever and do it right next time. Just ask CBS Digital to do it! (Not HTV)