Yes, you do need to buy it again.
Though I am still skeptical about any edition billing itself as "definitive," this seems to be. Steven Wilson's new 5.1 mix manages to be both immersive and impossibly lush while still remaining as clear and wary of compression as the classic studio mix.
If anything, this BD is an even more comprehensive and streamlined package than "Close to the Edge," as it even allows for playback without switching on your TV: just press "green" on the BD remote to jump right into the 5.1 LPCM mix (or "yellow" for stereo, if you must.)
The BD again includes older mixes, such as "needle-drop" transfers of the LP without removing the comfortably familiar surface noise. And again, the packaging is sensibly jewel-case sized to fit on your CD shelf.
Yep, you are going to have to buy this album again, too. (May we please have "Tales from Topographic Oceans" in this format, next?)