Man, it's such a shame that Disney's home catalog is so hit and miss. I feel like there's several movies they've done right (I actually think Snow White looks right), the Pinocchio blu looks flat in a way these other shots don't. It's not quite as bad as Cinderella, but that's bad enough that it could easily be corrected. He touches on what to consider their releases here and often in other "Few Words About" threads.

According to Robert Harris Disney considers the versions they're putting out revisions and that they do have separate masters somewhere. Whether we'll ever see them remains in the dark.