Saw the restored 35mm Technicolor print at the Museum of Modern Art, yesterday. Quite a nice experience. Considering the age of the print, the George Eastman House did an amazing job. I'd like to know the specific history of the print and I'm really surprised there's no information on the restoration on it. I e-mailed the George Eastman House in the hope of obtaining some. If it was indeed struck at the time the film was first released, it's a 76 year-old print.
There was one scratch on the right side of the frame which lasted about 10 minutes, which made me think this print was most likely projected at one time or another. I also saw some color shifting within scenes, and some shots were a bit more faded than others, but all this could have been due to the age of the print. But that was more prevalent in the first 40 minutes of the film than anywhere else.
The shots that blew me away - which made up the majority of the film - were the ones that featured crisp contrast and lush colors. Very sharp print, too.
Overall, a great cinematic experience.