First of all, I need to point out that this is the live action Gegege no Kitarou movie and not the anime.
That being said, the blu is solid. PQ and AQ aren't something you'll use to show off your system with, but it's a definite step up from the DVD release (which I rented while in Japan). Detail is sharp and colors are lively. The audio is also very good, although I can't attest for 5.1 systems, as I don't own one yet.
Basically, this is the same blu that was released in Japan, as far as I can tell, just adapted to western audiences with EN subs. They didn't really go overboard with extras but I didn't really mind that.
I bought the movie for 13 USD when it was released and already thought it was a steal back then. For 5 USD, I wouldn't hesitate a second! Go get it if you're a fan of Japanese movies, or Gegege no Kitarou or a fan of Youkai-stories in general. Despite being aimed at children, the movie has enough matureness to appeal to older audiences as well.
I can definitely recommend this release to the fans of the genre and hope many more of these releases will come