Since they're from the same source master, it's not exactly night and day, but you get all the expected benefits of 1080p vs 480p. I recall that the Spider Pit recreation is presented in true HD, too. And checking online, seems like it's between pressings.
IIRC, Warner's restoration was a significantly state-of-the-art for the time, using 4K scans of the dupe negative. Sure, they could probably improve on it now (what wouldn't be?) but the Blu-ray still looks amazing to me.