OK, so we went through the whole "GD Face" issue again with the Chinese DVD for 2046, just like people did with "Hero" a few months earlier. Yes that disc was rubiish, everyone said so. Some still bought it, and others have been holding out for the HK disc.
So, the higher quality Hong Kong edition has finally been announced for December 10th 2004. Available in a Standard Edition, and 2-Disc Colelctors Edition. The Disc is issued by Mei Ah, and should have English Subtitles, though early listing might suggest otherwise.
**** UPDATE ****
Hey ... Todd with some more news on this ... I've just done a bit of digging around and saw that the advance listing for this at YesAsia has been removed. This says to me that they've been hit with a cease and desist order from the US owner of the film and are not being allowed to import the Hong Kong disc. If that's true for them you can bet it's true for all of the North American based importers ... Layoyo, however, is based in Hong Kong from whence they can sell as many as they want. They've got the two disc version listed here and the single disc here. No free shipping and the border monkeys might hit you with customs fees, but Layoyo's cheap and good ...