The one thing no one seems to mention in the Great Color Debate is that Ted Turner owns these films. He bought them outright. He can do to them whatever he likes.
Colorization is a new art form and the people who don't like it are probably the same people who called Picasso a quack and think that airplanes, electricity and indoor plumbing are advances we could all do without.
The colorization issue shares a common bond with NBC's recent censoring of comedian Sam Kinison that should settle any dispute: ownership. Even if you do not agree with their decisions, you still cannot deny NBC's, Ted Turner's or anyone's constitutional right to make them.