I finally received my copy of THE IMMORTAL STORY DVD from Italy, and it's a stunner, compared to the bootlegs I have. The forced Italian subtitles on the English and French versions (a licensing issue, I assume) are a bit annoying, but the jump in picture quality is so dramatic that it's a small price to pay.
As fantomas noted, the disc has three different versions of the film, each in a different language. The disc includes a short feature wherein you can see the differences in selected scenes, with all three pictures onscreen at once, which makes it a bit hard to follow, but interesting nonetheless. What I found interesting in looking at my bootleg versions is that there also appear to be two different English versions; the opening sequence is different between the bootleg I have and the version on this disc, with dialogue cut from the conversation with Fernando Rey and his pals. I haven't watched the rest of the new DVD yet, but I'll cover any other discrepancies when I review the disc on the site. See below for comparisons between by bootleg copy and the new disc. You'll note that the new disc is anamorphically enhanced widescreen.