A high-def release? Huh...wonder if it's any better than the bootleg-style DVD someone was putting out a while back.
Unless you're one of those who goes 'Ewww, 80's stuff!', I'd say it still holds up fairly well. Decent animation, good music. Not bad for a movie that was originally meant to be a series of shorts aired during the commercial breaks of the actual Olympics (long story short, Politics Happened), and was stitched together (which is part of the reason for the jumping around between summer and winter events and the same commentators doing some of each). I still see the occasional fan art of Brenda Springer, Tatiana, and the Contessa floating around, though it's usually not the kind of art you show to the kids.