Here's the skinny, Not too long ago the Criterion Collection put out a call to all film collectors around the globe to try and locate the original 35mm elements of the "Godzilla" and according to renowned Kaiju authority and author August Ragone, who was notified by several insiders associated with the Criterion Collection, the search was a success and a 35 mm fine-grain print has been located. Essentially a print of this caliber is just one step down from a print made directly from the camera negative which in short means two things: firstly, [i]"Godzilla" is going to look better than it has ever looked before and secondly, this release will restore the film to its original Japanese edit.[/i]
Now apparently there's some scenes which are missing according to Green. So let's find out exactly what was deleted.
UPA’s transfer is missing the original "Jewell Enterprises" logo at the top of the film (printed over Toho's sunburst logo), seen in early television versions (before UPA’s acquisition), a starring and directed by card after the opening title, and the original—and full—ending credits sequence, which appeared between the fade out and "The End" title card. While Classic Media’s release reinstates the original ending credits sequence (taken from a 16mm print owned by a private collector), it was placed after the "The End" title card. But, the other two deletions remained absent.
So now your probably wondering what kind of extra goodies are going to be packed into this release, and all I have to say is - don't worry, with the reputation that Criterion has this will be far from a bare-bones release.
No word yet on a street date yet but late 2012 seems like a pretty guess depending on how much restoration work needs to be done.
Source: Twitch