First let's address the elephants in the room.
1. This is in 4:3 format, not 16:9. For those of you who are saying 'huh?', that means it's classic square television format, NOT in rectangular widescreen. It's not an anamorphic release. So you're going to have to hit H screen, or one of the wide settings to make the black bars on the sides go away on your HDTV.
2. There's no subtitles for the English version! Why did Funimation do this?! They're on the DVD release (which IS actually anamorphic, as well). The subtitles are there for the Japanese language version (in English), but not everybody likes subs over dubs, and I like to read what English actors are saying sometimes.
3. The audio is still atrocious. This seems to be a problem with Cowboy Bebop all around, but one minute the theme song Tank will be blaring a saxophone solo, and the next you've got your ear pressed against the speaker to hear what Spike or Faye are mumbling. In other words, you're going to have to play remote DJ if you want to understand everything that's going on.
If you can live with these three faults (and they're pretty big faults), then Cowboy Bebop on Blu-ray is a great addition to your library. The palette is brighter, but mind you this series has a distinct tone. Faye's outfit will always be vermillion, not yellow, Spike's suit will always be midnight blue, not Navy, and Earth tones in this series will always push Utah levels of reds and oranges. The animation has little to no artifacting during action sequences a great improvement, the lines are much more distinct than what we're used to. The set comes on four discs which I love because that means less getting up, more binge watching. The Main Menu also doesn't have Tank blaring every time it comes on, unlike the DVD.
But if you want the BETTER experience and can live with a dimmer color swatch, better subs, 6 discs instead of 4, Tank's bombastic whining, and all of the same extras, then I'd recommend the DVD over the Blu-ray. I never thought I'd say that, but the DVD is actually the better pull for this release.