I own the box set, and I don't recall it saying anything about SBM. There was a sticker on the box that said something like: "Newly re-mastered with 24-bit resolution". 24 bits on a 16 bit CD? Who knows.
Time of No Reply sadly has NOT been remastered. Several of the songs are home demos taped on very lo-fi equipment so they would not really benefit anyway.
However, TONR contains songs from Drake's fabled "last session", recorderd AFTER Pink Moon by the same excellent engineer that did all his stuff. These songs are harrowing, frightening, mournful, and raise the hair on the back of your neck even more than Pink Moon. "Black Eyed Dog", Nick's "farewell" to the world is absolutely essential and is on TONR. One wishes that track at least was remastered. Positively chilling. When you ponder how someone capable of creating such beauty could despair so deeply at the end, you can't help but be moved deeply.
markl