There are all 3 versions included in this offering. The Blu-Ray transfer seems to maybe have been done mostly for the original version. There are places in the Special Edition and Director's cut versions that seem NOT to have been put through the Blu-Ray process... for example, in the darker scenes the graininess seems more evident. When Roy Neary is out at those R/R tracks and is lost and has his Encounter of the 2nd kind, there is quite a lot of graininess going on. Also at the beginning in the sandstorm and for other "night" scenes... however, during the rest of the film the picture is really great. So, once again it looks as though the people doing the Blu-Ray transfer AGAIN cut corners and tried to save money by not applying the process to the whole film. - Bottom line, this is a great movie and I think I can overlook the fact it is not perfect and still enjoy all 3 versions. But, the PQ is not pristine nor perfect, just mostly great.