Originally Posted by Zombie Dude
I just checked here
and it indeed seems that the footage is in negative form rather than just crappy video footage.
In one of the interviews it does say the deleted footage is not lost, but lying in wait. Thing is though, that means if we want a proper remastered version, they would have to go back and basically recut the footage back into the film, do sound effects, miscellaneous effects, etc. That all would cost a lot of money. I just don't know if WB would consider it a good investment.