Region 1 DVD Release
An official Region 1 DVD will be released on July 24, 2007:
http://www.amazon.com/Raise-Red-Lantern-World-Films/dp/B000PMFS6O/ref=sr_1_1/002-4409979-8320033?ie=UTF8&s=dvd&qid=1181421044&sr=1-1
The more concise Amazon link to that MGM release is:
http://www.amazon.com/dp/B000PMFS6O
One hopes it'll be an improvement over the previous PoS release from Razor.
So far there's no indication whether the new MGM DVD is anamorphic.
Assuming MGM does it right, one hopes similar treatment is forthcoming for "Ju Dou", another great film trashed by Razor.