I have the Japanese laserdisc (paid a fortune for it) and official Japanese VHS release (got for 5 bucks from a video game store). The LD looks and sounds fantastic on of a Pioneer Laseractive. The sound is especially crisp and clear, and preserved in its original stereo greatness. If you're a diehard of watching 80s movies in the 80s style it probably will be worth the $100+ it will cost you, assuming you get one without laser rot. The VHS actually holds up well on a decent JVC SVHS deck, which is what I think was used as the video source on one of the bootleg DVDs.
In all honesty, for the cost of a legitimate release (LD or DVD) I'd recommend skipping DYRL. While the art is beautiful, the storytelling doesn't stack up to the TV series, at least to me. If you're a Macross fan and not a collector of everything Macross your money would be much better spent on the Animeigo box set. The translation is very well done if you don't speak Japanese, their liner notes are always filled with cool stuff and the video transfer is superior to the R2 DVD release. I say that as someone who sold my R2 discs after getting the Animeigo set. One of the Easter eggs on the set actually shows them restoring the footage from the original negatives. It's money well spent, no matter how much it costs to get someone to part with their set.
I seem to be the only one that reports rot the second they see a spec. Anyways...