There is a controversy going on at the moment with this issue. Go here to see what's going on and discuss your thoughts. Make sure to red the comments below the article.
It sucks hard that the original film didn't have a copyright during the titles; because of that, anyone can make money off this film. As for this particular version, hell, they colorized Miracle on 34th Street and it didn't affect the original any, I don't see the harm in colorizing this one. We'll still have the great original to fall back on. And so long as they don't shoot additional scenes like some of the previous re-releases (god, those were horrible) I don't see what all the huff is about.
I'm with Lon. another tug at the teat to shake out some money from this flick. I'd watch a colourized (Cnd spelling notwithstanding) but for sure will always prefer the black and white original.