I've had this one for almost 30 years, and it's a keeper for me. On mine, the first reel has sound slightly out of sync towards the end, during the contract scene. There is some clipped dialog in that scene, also, but that is also in the latest DVD/Bluray. That's because all that is known to exist of this film is the WWII era re-issue where they removed all references to Italy.
I only have minor issues with the overall edit, but everyone will always quibble if something is cut out that they liked. You still get over 1/3 of the movie. I don't mind the music -- at least they didn't include the entire "Alone" song. I'm glad they included the entire "Cosi-Cosa." Pity they didn't include all of Harpo's harp solo.
I'm not sure why they trimmed part of the stateroom scene, and the furniture moving scene in the hotel. The cut parts amount to about a minute's worth of footage, if even that much.
I recall there appears to be some decomposition in the negative on reel 2. Not sure what was going on there.
I really love these 2x400 ft. digests. I have several from Univeral 8 as well. You really feel like you've seen the whole movie, and they can be shown to someone who has never seen the whole movie.
M-G-M was more generous with the footage, giving you about 36 minutes as opposed to 32 by Universal. I have a handful of Derann's, too, and I think they were closer to 30 minutes rather than 40.
I've never bought a 3x400 ft. digest, but I'm sure they would be fantastic. I don't believe there are any titles I'm interested in.
Regarding SINGIN' IN THE RAIN, I have always passed on that since I don't like faded/red prints. I do have color prints in my collection, but the majority were bougth in the 70s, before we knew they would fade. Luckily, most of mine still look pretty good. Not sure why -- and I've checked the stock -- plain old Eastman.
Other ones I've passed on include HIGH SOCIETY and JAWS.