They did a colorization test for Citzen Kane in the 80's, but the very dark and somewhat contrasting photography style did not get any good results, as colorization quality depends of a good range of graytones.
I see no problem about colorize films for Kids, or family films, TV series for KIDs and some B films, as long the original B&W it's still available.
Turner and his colorization in the 80's also helped a lot film restoration. Turner, hated or not many, bought rights for a lot of old films and wanted to find a market, and colors was a way to atract public. Whitou that I don't think he would have invested so much in the restoration of the films.
Colorization it's still 2D, and what is different today is that the resolution of the tranfer is higher, have some digital restoration, and a very huge palette, more precise color spectrum for each objet, more sellection of objects for different colors, and adaptations for color in case of for light changes in scenes and other variables. But it's still 2D...
Similar like paint a postcard, as the initial step is the segmentation of all objests.
Today in theory, it's already possible, or almost, to put colors and get also all 3D interactions of ligh in objects and characters, to get the proper variances of hue along the 3D surface, and to track variable color detais on skin and other pieces (actual colorization just put values mostly based on grayscale variation). This involve 3D estimation of all set elements, and in theory would reduce o eliminate the somewhat flat colors aspect that many scenes have in colorized films.
But 3D estimation of a entire film it's expansive, out of the usual budget of a film colorization project.
Technicolor look was never recreated, not preciselly, in any colorized film. To start, if you get a B&W footage of The Wizard of Oz, it will be different than a technicolor footage, (in terms of grayscale) even if shot in the same set with same lighting. Technicolor dye transfer process make the sky bluer, the reds reder, etcc... and the gray values change. For example, a sky in the B&W footage would be brighter, and colorization would not make it a very blue like a dye tranfer process. And contrast balance do not solve the problem, cause the alterations of gray values are not global, but depnds of the color saturation of each object.
In case colorization could use the precise complete 3D estimation I referes, would be possible to look very close to a modern film, if the B&W footage was fine in detais and fine in dynamic range.
If after colorized, the file go through a simulator of a Dye tranfer process, in theory would look like technicolor, but the original gray values would be altered acording the colors, altering the original film.
But it would be something we never saw beore in terms of film alteration. I bet it would be great to see, even than just as curiosity and not for a entire film.
If you watche the Aviator VFX videos about the technicolor creation(that use modern color films and try to recreate 3 strip technicolor using digital simulation), we can see that the sky in the 3 Strip technicolor simulation get very different. It turn very pure blue.
The simulation exagerate a bit the processes, pushing quite more than most technicolor movies did, but works for we understand.
The first colorized films to get theatrical release (and approved by the director) are from Bollywood, indian films, colorized a couple years ago.
http://www.youtube.com/watch?v=MyxQjP5xghg
http://www.youtube.com/watch?v=ZvXsLU0y ... ure=fvwrel
One thing I forgot... make up... Vintage B&W make-up style... you can't change that, and so a very dense make-up, like Laurel&Hardy in early 30's films, will always look a little that way, even after colorization.
Keep thinking...