I've got this set. Hard to compare not having seen any of the previous releases. Only watched Heidi so far. I thought it looked pretty good, but I had low expectations.
I heard Fox was gonna use the same company and process that Columbia/Tristar used on their recent Three Stooges discs. Those look excellent IMHO. There is at least some hope they'll look good.
I have this. They're not colorized. They look pretty good, compared to the other Shirley Temple discs I've seen. I had low expectations going in so that may have helped. Not Twilight Zone Def. Edition quality but still very watchable.