The most shocking of the comparisons is the frame of Woody shining the flashlight upon the Baby-doll-spider in Sid’s room. The Viewfinder frame reminds me instantly of how terrifying I remember that scene being as a kid. It presents the horrific monster of Sid’s creation with stark contrast, the room being dark and the flashlight almost overblown. Imagine what this would look like in a dark theater.
However in the Bluray frame, the contrast is lost to an almost completely illuminated background with the flashlight not doing much to call attention to the Toy we can already see.
Wow, I’ve never seen the bluray of Toy Story, so this is really sad to see. You’re 100% right, the brightness of the bluray totally ruins the shot. So much for a reveal… I saw the movie in theaters once and watched the VHS a ton of times and definitely remember the movie looking more like these Viewmaster shots.