I've always thought of film transferred to video - and now digital - as being akin to reading a book in translation. It's never going to be the same as the original, but the goal should be to capture the spirit of the language as closely as possible.
There are many examples where a film has two or more transfers supervised by the director or cinematographer that look nothing like one another - The French Connection, Halloween, Do the Right Thing, The Thing etc.
Not necessarily. Look at films like Halloween and Silence of the Lambs where the director and/or cinematographer supervised and approved various transfers that look nothing like one another.