Since Clancy novels and  films all involve technology, state of the art in 1990 does look a bit dated in this film but not by much. Effects are first rate and don't suffer from a high def picture except maybe the background screens at the beginning and end of the film.  In dark scenes (and there a lot of them), film grain is apparent but should be expected with source material this old.
Sound on this Blu-Ray is excellent with Dolby True HD.  Sounds such as sub pinging is expected in this type of movie but the Dolby HD is very impressive over the older dvd Dolby. 
Extras are a rehash of the dvd is standard DVD but Paramount threw in a trailer in HD.  Extras include a making of featurette with producer Mace Neufield, John McTiernan, other crew members and cast.  There is also a commentary track from director John McTiernan.
"The Hunt For Red October" is a great film, made better by Blu-Ray with a sharp but grainy picture and showcase sound.  Fans of the Jack Ryan films will want to add this to their collection.