Well, I've had the Blu-ray edition for many months now. Unlike TYA, Fragile, and CTTE, Relayer is not something I was familiar with either back in the day or since. I was not at all sure I liked either the sound or the music upon the first couple of listens but I was not deterred, knowing from past experience that with time the aha monent may come and, so, eventually it did. Gates is both delirious and amazing. In part I, Anderson spits out the lyrics like a Gatling gun, which takes awhile to get used to. If I recall, the studio run through was a bit slower and I don't think it helps to spit out complex lyrics at such a dizzying rate. The part II battle scene is incredibly exciting and intense as a piece of music while part III's Soon is one of the most beautiful pieces of popular music I have ever heard. It is nothing short of a spiritual experience. Sound Chaser seems like a kind of response to the jazz influenced work that King Crimson and Yes's former drummer Bill Bruford were doing at the time. At least that's my take. Steven Wilson's wizardry on the surround mix is nothing short of amazing. It's the most aggresssive surround experience I've had. Entirely in keeping with the material, it is a truly a triumph.
If that was all there was to say about Relayer it would be a 10. But as others have mentioned repeatedly, prior incarnations of this material have sounded mediocre or worse. The vocals on the US promo needle drop of Gates are incredibly harsh. It's almost like someone thought a little extra reverb would help solve the problem. The notes in the booklet state that Relayer was recorded at Chris Squire's home studio. Given the band's method of composing, this may have made sense but I suspect this is at the root of the problem in the sound quality. Though SW has certainly removed most of the harshness, no doubt it was simply not possible to remix the multi-tracks and have them sound sonically like TYA or Fragile, which were recorded in a real studio. In the remix, clarity and muddiness seem to coexist. The bass in particular seems muddled. It mostly seems to just hang there without much definition. Although the tonal balance is good the overall sound is not exactly what one could call high fidelity. Perhaps this is at the core of Anderson's stated disappointment with the album. It's certainly not the musicianship that's at fault.
So 3/3 for the incredible content, 2/3 for the so-so, albeit improved, fidelity, 3/3 for the amazing mix, and an extra point for the package as a whole. So a 9 overall for me.