Ryan McAvoy said:

'It's A Wonderful' is done very well on the Blu-Ray but still not a patch on the original.

The 2007 colorization still looks pretty bad. The only colorization that looked good to me was the I Love Lucy Scottland episode colorization. If you look at the real life color stills and then at the colorized episode, they look identical. They're even planning to release a colorized version of the whole series for the bluray version. But know matter how good it would look, I wouldn't bare to watch it a different way than how I watched it as a kid.

So even if it does look good, I still think it ruins a film.