The proper sepia tone was restored for the 50th anniversary in 1989. I still have my LD of that edition.

There has been a small omission in the mono soundtrack since 2000. From the IMDB...

"The 2000 Warner Brothers DVD edition suffers from print defects due to shrinkage of the materials used in the restoration, and cuts out one line of Dorothy's which occurs during a reel change when Toto is being taken from Dorothy. As she whimpers Toto's name, there's a stutter edit where an off camera Garland repeats the first few words of a line, "Oh, To, oh Toto." The audio production team (who were doing the restoration) went back to the script and found no correspondence. So, the apparent mistake was excised."

Hopefully, this will be fixed for the 75th anniversary video release this fall.