Yeah, it's a really impressive job considering the show's age. Also helped by the art style and how despite being a digi-paint show it didn't require a lot of actual sub-HD CG.
http://www.animenewsnetwork.com/review/fullmetal-alchemist/blu-ray-complete-series-collector-edition/.96283
Really looking forward to seeing how Wolf's Rain's new blu-ray comes out very soon.
Man, it's good having these shows coming back (Bebop's is so good too).