I love vinyl too David in preference to cd's.
Coupled with a decent set of hi fi equipment like a Linn Sondek for example, vinyl cannot be beaten in my opinion.
Now then onto the first point, I agree that the discs give you what the companies want to regarding the picture and sound versions, but what I will say is in most instances, I have found that when a film was originally made using a mono track, on all the older movies I have on both Blu Ray and DVD, the mono track has been included as a selectable option.
I feel the film companies HAVE to attempt to "modernize" even the oldest of classic films now on the shiny stuff, simply because modern younger audiences demand that Standard now. I agree though that these efforts to give old snap crackle and pop movies a 5.1 or even higher makeover, are futile given the source material.
Blu Ray for projection in the home as far as I am concerned, gives the most stunning picture quality imaginable in nearly all examples I have so far witnessed.
It's too perfect to ever be film like, but coupled with a very good projector, if ultimately it is about image quality, then this is it. It really can be breathtakingly good.