I too expected a lot worse, but by God that puts the 2003 restored 35mm MGM put out to shame! I can see how some of the caps accentuate the magenta level but in motion it should not be so prevalent.
This more closely resembles a point somewhere between the MGM international we grew up with and the Mondo BD-but with a color depth and level of detail far beyond. I don't think any other release prints would have been this clear either, as most were dupes of dupes finally issued years after the fact. The Italian-sourced editions for all of Leone's films wind up different looking, for this reason alone. It is only when you go back to the source that you can overcome the 60's reprinting issues. MGM scans without working with the film's inherent process or knowledge of the uncut edition-then puts it through a myriad over over-processing and DNR to remove the expanded inherent grain of a Techniscope negative.
I think, were he still with us, that Sergio himself would be touched by the level of care displayed here by a few dedicated fans.
It would also be nice to hear Frayling's opinions on the different cuts, looks and presentations of all five Westerns over the years.