As much as I would enjoy working on my own personal cleanup and presentation, it seems it would just be a waste if Universal is actually working on a proper restoration with their huge resources and the original color negatives. Of course, we don't know if this is actually going on - it has not been officially announced, but it is likely given a few factors:
- A few reliable sources (EW.com, Jack Theakston) say that the color negatives were found in Universal's archives
This was announced in May of 2015 - "During the next four years, the studio will restore approximately 15 silent film titles from Universal’s early years. The complete list of films is still in development in collaboration with outside film historians, institutions, and preservationists. Partners and collaborators in the initiative include the Library of Congress, The Film Foundation, Academy of Motion Picture Arts & Sciences, George Eastman House, UCLA Film & Television Archives, Association of Moving Image Archivists, and Hollywood Heritage.
http://www.comingsoon.net/movies/news/4 ... sic-titles
This is arguably Universal's most famous silent film - still very much a money-maker - so why wouldn't it be one of those 15 silent films mentioned?