Originally Posted by X-human
From what I've read the problem on PotO is that three strip technicolor is literally three strips of film; one for each color. Over time these shrink and physically change in various ways but not equally. So after some time they are ever so slightly off. It's possible to restore but that's something that can change from reel to reel, shot by shot, frame by frame. I.E. money.
Something like Wizard of Oz or Gone with the Wind has been properly corrected but Universal is not spending that kind of cash on their second tier Phantom. Hell he didn't even make most of the DVD boxsets and we're lucky to get it on Blu at all I guess.
You hit it on the head. Fixing this requires frame-by-frame re-alignment of the 3 strips (since the shrinking is anything but uniform). And since it sounds like the most serious issues are confined to a few sequences I'm sure they figured it wasn't worth the fuss and cost to correct them.
I'm going to watch this disc tonight. I'll comment later on the severity of the issues. It sounds like they're not too bad unless you're viewing the disc projected onto an enormous screen. Hopefully that's the case.