Picked it up on Blu Ray a few weeks ago. For an older film, it's actually a very good upscale.
The octopus scene should definitely have been cut out of the final movie, but for saying that, they left a reference to it in at the end of the movie, when the reporter asks what the scariest part was, and someone replies that it was the octopus.
Great, great movie, and helped define a golden era in movies during the 80s.