Multi-band compression actually comes in to play very little during mastering, usually. Mastering is usually EQ, stereo image, Compression/Limiting etc.
I'm not really sure what you mean by 'the one thing people misunderstand time and time again'.. We know Still Life has been remixed for 5.1. Obviously this surround version would have to have been mastered in 5.1. Seeing as they obviously have far more than the 2-track 'masters' left, we can safely assume that they wouldn't re-release this remixed 5.1 version, yet leave the original cd with all the drop-outs untouched.
So they'll remix the original stereo CD too. Obviously this will have to be mastered, but seeing as it's a new mix, it's not being remastered- it's an entirely new mix and master.
I'll look forward to it, but I'm not really that in to Still Life anyway.. maybe this will change my mind. I hope Jens doesn't mix in samples with the drums, or at least not too obviously anyway...