DVD (non)update: no plans this year, also, Criterion is IMPOSSIBLE
I've said this several times here on this board and on the Linklater board: WARNER BROS. WILL NOT LICENSE THEIR FILMS TO CRITERION. For all I know, everyone at Criterion might jump at the chance to release "Suburbia" but WARNER BROS. WILL NOT LET THEM RELEASE IT OR ANY OTHER WB FILM!
"Suburbia" was brought up in a recent Home Theater Forum chat with a Warner rep and they said there were no plans. Once again, they also stated the common knowledge that they DO NOT license their films out to other companies like Criterion or Anchor Bay, it's company policy.
If you want to see "Suburbia" on DVD you need to completely stop considering Criterion as a possibility. You are wasting your time, Warner Bros. owns the film and the DVD will either come out from Warner Bros. or not at all.