With the approval of Harryhausen himself, this is an acceptable excuse to run through the film again. The black and white version has also undergone a restoration, so if you’re still against the process, it has led to an aftereffect that has benefited the original colorless version as well.
Regardless of how you choose to view it, this is an absolute classic. It may not receive the full attention as other films from the era, yet it should. It’s a standout special effects romp, almost flawless from the start to the creatures extended and emotional demise. 
This is an amazing transfer, and differences between this double dip and the first DVD release are noticeable. It’s far cleaner, sharper, and crisper. Details are more apparent, and all moments of edge enhancement have been fixed. Grain and dirt varies depending on the shot. It’s still clean and sharp - amazingly so, given the age. The color and black and white versions are on equal terms. 
A small update to the audio seems to be present, coming through in dual speaker stereo as opposed to the mono presentation in the first. It sounds roughly the same, if slightly higher in terms of overall volume. It has no issues with pops or cracking.
A crowded commentary begins the features set on disc one with Dennis Muren, Phil Tippett, Arnold Kunert, and of course Ray Harryhausen. Harryhausen speaks most of the time, as the others ask questions as to how things were done. It’s highly informative in terms of the industry at the time and how the effects were done on a shot by shot basis.
Remembering 20 Million Miles to Earth begins the second disc. It runs close to a half hour, with interviews and comments from people around the film industry. Harryhausen is featured extensively. The Colorization Process is a great look at how the new version came to be, though it feels like an extended infomercial. It also addresses why it was done, and how Harryhausen feels about this new edition.
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Article comments
1 - Chris Beaumont
Never been a fan of colorizing films, no matter how good the process gets, it will still be unnatural. I listened to an interview with Harryhausen prior to this release where he spoke of supervising the colorizing. I had the natural action of recoiling in disgust. If a film was shot in black and white, regardless of original intent, that is how it should be seen. Shooting for the two formats is vastly different, and slapping colors on the B&W is not going to improve it.
Still, the extras look good, and I'd like the remastered B&W, so I may have to pick this up.
2 - Matt Paprocki
I can't blame you. I remember seeing Kong for the first time in color and just looking at it dumbfounded. It was so unnatural, ugly, and limited.
I can understand the disdain for changing these films, but if it was intended to be in color, Harryhausen okay'd it, and it's done tastefully, it can be a positive aspect.
For films like this, it can really benefit them. The sequence in the barn where the Ymir is lured into the cage is more impactful here. The Ymir stands out more, and you're able to see his slightest movements that were somewhat lost in prior black and white.
And besides, if this forces them to go back and restore the original negative, it's still worthwhile even if you're against the color. It's a dramatic difference, and it's also scheduled to be on Blu-Ray by Christmas which will be absolutely stunning to see.