my 4-year-old twin niece and nephew watched it for the first time last night and my sister said they were AMAZED. so i think i'm going to look for the dvd to give them for christmas. hopefully it is out on dvd.
i've always loved the movie. in recent years, i've only watched the first hour though, then the last five minutes.
my favorite part is the when everything turns from black and white to color. the munchin songs, and then when dorothy meets her friends, and their songs. i always get up and dance with them.