I just got hold of a 2-disc set of "It's a Wonderful Life" that features a newly restored colour version, as well as the original B&W restored film.
I'm usually against this stuff, but I have to say it looked amazing. Even my parents said it was better then the B&W version which they usually watch every year, and were very skeptical before viewing it. They watched the new colourized version for the first time yesterday.
It's a Wonderful Life was only ever shot in B&W in the first place because of a limited budget, so I am definitely not against it being available in colour. I'm fairly sure that this new colour version will replace the B&W version for TV broadcasts eventually anyway, for obvious reasons.
Now... a film like "Paper Moon" "The Elephant Man" or "Schindler's List" getting digitally coloured, you wouldn't see me applauding then. That has practically no chance of happening anyway. They are B&W for artistic purposes.
Most people who bash B&W films being digitally coloured have no understanding as to why most of them were B&W in the first place.
Contrary to what people may tell you. "The Wizard of Oz" was never in B&W. It starts off Sepia (a golden, brownish colour) and then goes to full Technicolor. The many TV airings over the years using washed out prints have led to this confusion. You wash out Sepia and you get B&W.
The five B&W films I would most like to see colourized (using the same expensive technology they used for "It's a Wonderful Life") are:
1) Psycho (1960)
2) Some Like it Hot (1959)
3) To Kill a Mockingbird (1962)
4) King Kong (1933)
5) The Bad Seed (1956)