I managed to sit down and watch this earlier today and I was pleasantly surprised with the results. Colours are nice and vibrant really jump off the screen, particularly during the outdoor scenes in Tokyo and there's a good level of depth and detail making the image very easy on the eyes. Some of the darker interior scenes don't fair so well suffering from quite a bit of noise....but I suppose that's expected considering the film's very low budget!?
Overall, Lost In Translation on HD-DVD looks remarkably good and offers a definite improvement over the SD-DVD imo. As far as the audio goes - pass. Sounded good enough through my 9 year old Sony 5.1 amp.
As for the film itself, what's to say? Some people love it, some people find it a tedious bore. Personally, I adore it and it sits comfortably in my top 10 films of all time...and despite having seen it numerous times over the past four years, it still breaks my heart today. Utterly magnificent.
For relaxing times, make it Suntory time.