The colorized version is actually censored. The scene where the prisoner behind bars he holds up ends with his complaining. In the original, he's beaten by a jailer. Many characters are cut out, and the ending is completely different.
This cartoon was colorized in 1995, with a computer adding color to a new print of the original black and white cartoon. This preserved the quality of the original animation.
In 1943 Warner Bros took the second half of Porky In Wacklyland, added color, and used it as the second half of Tin Pan Alley Cats. Both were directed by Bob Clampett. The music was the same in both versions.
The version featured on the 2004 Looney Tunes Volume 2 gift set is the complete, theatrical black-and-white version.