If you don't already have these films stop reading now and buy this set, they are some of the best movies ever made period and this is currently the only release offering them. Because these are must-owns I'm not gonna review the films; other people have done that and I just watched the Home Vision Entertainment DVD box set a couple months before I found out about this and wasn't gonna watch them again so soon (Although I did watch the "Complete Saga" cut that combines the first four films together). Instead I'll focus on what this Arrow set has compared to the HVE set released over ten years ago. I'm not a filmophile in the sense of being able to discuss technical aspects of the transfer and video quality, so it will be in layman terms.
First, upon buying this set you must immediately flip the slip covers over to the original poster artwork, the newly commissioned artwork is atrocious. The hardcover book is probably the best you could ask for and far above the little booklet from the HVE set. However, I'll note that as I am obsessed with yakuza films a good chunk wasn't new to me as a lot of it can be found online and I already had the book where the Fukusaku interview was first published. The "behind the scenes" article written by screenwriter Kasahara before the fourth film was even released is amazing and the clear highlight of the entire set, thank you Arrow for translating it. The history of Toei was a nice little addition too. I found the family tree of the film's characters a mess and don't think it will be much help to first time viewers; the foldout pamphlet of the tree given by HVE was better.
The Takeshi Miike interview is useless, but the interviews with the series' stunt coordinator, actor Seizo Fukumoto, episodes 3 & 4 assistant director, and episode 5 screenwriter were all good. "Remembering Kinji" with film scholar Yamane and the director's son Kenta is nice to learn stuff about Fukasaku's filmmaking and about the relationship with his son, who is also a director. The mini-doc on the Piranha Corps, a group of lesser known actors and drinking buddies who each appear in the films as several different characters, is the highlight as far as I'm concerned. The HVE extras have an interview with Kenta that just very briefly mentioned that Piranha name and I wanted to learn more ever since. Special feature wise this set beats the HVE one by its quantity, although HVE did have three good ones on Fukasaku's filmmaking, his use of violence, and the Jitsuroku subgenre.
As I said above I haven't watch the individual films yet, but did watch the Complete Saga edit. Do not throw it in thinking you can get the same experience and save time, these films can not be edited together and still make sense, especially to first time viewers. The Complete Saga was just an obvious cash grab from Toei and should only appeal to collectors. I've also skipped through the individual blu-rays and can say that to me, they are clearer/sharper than the HVE DVDs and have less grain, but they seem a little too dark.
The DVD/Blu-ray dual format is something that baffles me, just a reason to jack the price up. But hey, right now Amazon has this set for like five dollars cheaper than the DVD-only HVE set was originally. The HVE set is actually going for good prices on Ebay now. I believe I heard that Arrow might release the five films individually without the special features in which case you might want to get them that way if its cheaper, but then again if that doesn't happen you're missing out on superb films.