"My Fair Lady" hands down - a 70MM film which has been painstakingly restored and looks incredible when projected in 70MM on a movie screen - is unwatchable on blu-ray. I've seen the film projected in 70 about half a dozen times over the last 17 years and it truly is a work of art.
The blu-ray needs a new master off the 70MM elements. The Blu-ray has fading at the sides of the image and it looks like "the movie theater lobby doors are open and the lobby light pours in lighting up the sides of the screen".
We watch Blu-ray for the image - otherwise why upgrade? If the image is pour the film looks terrible and there is no reason to buy this Blu-ray - and this is one of a few truly classic titles that will sell along the lines of "The Wizard of Oz" and "The Sound of Music" (which both, by the way, look incredible on Blu-ray)
"My Fair Lady" is definitely the worst release on blu-ray of 2011 (even 2010)
The others:
"Star Wars" looked fine to me, the problems are less with the transfer than with George Lucas's constant tampering with the film
"West Side Story" looks great for the most part - the opening glitch in the overture can be corrected - but the transfer is very good otherwise, much closer to the recent 70MM screenings show around LA in the last 4 years. This one was just a sloppy release
"The Greatest Story Ever Told" looks like a DVD. There is nothing to recommend about the disc - the film relies on it's image (Shot in 65MM) and without a beautiful transfer the film's a total bore. MGM slapped a 12 year old DVD transfer onto the blu-ray disc and it shows. How this one was allowed on store shelves reeks of office politics and not quality control - in short the consumer loses.
Considering three of these films were shot in the superior 70MM film process and they are among the top five worst releases this year says a lot about Hollywood's standards for the blu-ray format and their estimation of the buying public's intelligence