The November 2009 two-disc Blu-ray edition of "It's A Wonderful Life" contains both the black-and-white and colorized versions of this film in high definition - and is configured similarly to the standard definition "Two-Disc Collector's DVD Set" that was issued in November 2007.
There are four notable differences:
1) The very few audio defects from the 60th Anniversary Edition black-and-white DVD edition that was issued in October 2006 have been wiped clean, thus making this 2009 two-disc Blu-ray the new "gold standard" for this title.
2) The old, 14-minute "A Personal Remembrance" featurette memorializing the passing of director Frank Capra in 1991 - with interviews from Capra himself and from actor James Stewart and hosted by Frank Capra, Jr. - has been dropped from the 2009 Blu-ray.
3) The subtitles on both Blu-ray discs have been replaced with a sharper white typeface that looks better on high-definition TVs. 4) A second set of subtitles for the deaf and hard-of-hearing (SDH) has also been added to both Blu-ray discs.