That's what I thought. It is not extremely horrible, but very disappointing to see this kind of quality released so many years into the format.
It is as if Warner would release their old 2006/2007 releases of Mutiny on the Bounty (1962) or The Wild Bunch today. Back then these weren't that...
I was surprised that they waited so long to put it on a Blu-ray looking like this - they probably could have done that 10 years earlier and maybe back then it would have fared a bit better.
If I had my way Gunfight at the OK Corral would get a 4k release, too and I agree that it is a better looking movie, not least because of having been shot in VistaVision. I am however quite happy with the Blu-ray of Gunfight so I prefer Liberty Valance to go first.
Bringing this up again as a new Paramount presents release may be on the horizon.
Paramount went back to the OCN and a 4k DCP is already available:
https://parkcircus.com/film/112575-The-Man-Who-Shot-Liberty-Valance
I am looking forward to a new Blu-ray and maybe even a UHD release in the near...
Hyperbole I'd say. The German disc still doesn't look quite right to me - textures and grain seem to be muted or maybe in the case of the grain fake and edges exaggerated. That is a look that doesn't compute with me but then I sit rather close to a projected image so others with longer viewing...