I have to disagree. I watched it and although it looks more natural than earlier efforts at colorization, it still seems fake to me. I just don't buy the colors - they look strangely artificial much of the time...
Colorizing 'It's a Wonderful Life' is basically like goldplating a gold ring. For a film with such superb B&W cinematography and presented near flawlessly on DVD, it's really just for people who can't stand anything other than color.