This is a good purchase for $4.99, especially if you like the more unusual films to come out of the silent era, or any of the Oz books. It's a fun romp through Oz, and has some decent special effects.
The film itself has deteriorated substantially, and it appears no effort was made to restore it. That's understandable, especially for such a cheap movie. The bad part of this disc is the audio. The music is a mix of ragtime and various other types. It has some relevance, as the mood does change with the film, but that's about all. The voice-over for the title cards, on the other hand, is just wrong.
My conclusion: Buy the movie, but turn the audio off.