The 3D process used is not compatible with current home video formats. Theoretically, they could convert it to red/blue, but that would be a headache, literally for the viewers.
Actually, IMAX and Digital 3-D (which are the 3-D formats that Beowulf was converted into) employs a much more sophisticated technology than the conventional red/blue 3-D technique. The secret to their "3-D-ness" is polarized light, wherein two different light ray vibration directions are projected by the screen. Although at plain sight, the lenses of the 3-D polarized glasses look similar, they are actually different, in such a way that each lens selectively filters out light coming from the screen. Since the screen projects light in two different vibration direction, each lens filters them out differently for each eye, giving us stereoscopic perception. Thus, unless new polarized light capable TV projectors are available in the market, the only 3-D technology available for us consumers is the dizzying red/blue color separation technique.
By the way, here's a cool trick you can do with 3-D polarized glasses: Have two pairs of 3-D glasses on hand. Place the left lens of one of the glasses over the right lens of the other. Then, rotate the glasses on top with respect to the one under. Notice the how the amount of light that passes through the superimposed lenses changes. When the ray direction of the two lenses are at 90 degrees with respect to each other, no light can pass through them. Neat, huh?
