Here I will post Comparison Screencaptures from 4 different versions of Fantasia:

Walt Disney Classics VHS Edition
The Walt Disney Classics Laserdisc Edition
The 60th Anniversary DVD Edition
The Special Edition Blu-Ray


FIRST IMAGE: Walt Disney Classics VHS Edition.
Released: November 1, 1991
Aspect Ratio: 1.33:1
Image Quality:

SECOND IMAGE: Walt Disney Classics Laserdisc Edition.
Released: November 1, 1991
Aspect Ratio: 1.33:1
Image Quality:

THIRD IMAGE: 60th Anniversary DVD Edition.
Released: November 14, 2000
Aspect Ratio: 1.33:1
Image Quality: I'd say this is a very strong presentation of Fantasia, despite the fact that this was in the early days of Disney DVD's. (The first animated feature to hit DVD was the Limited Issue of Pinocchio, released on October 26, 1999.)
But the colors are strong, the lines are fine and the image is fine, although grain cropped up fairly frequently. But that is to be expected. Nevertheless, it's not unwatchable at all.

FORTH IMAGE: Special Edition Blu-Ray.
Released: November 30, 2010
Aspect Ratio: 1.33:1
Image Quality: Fully restored and presented for the first time in HD, the Fantasia Blu-Ray looks spetacular. Color erupts from the screen at every turn, regardless of how blazing or bleak a particular segment's palette may be. Primaries are gorgeous, black levels are rich and inky, and contrast is strong and satisfying throughout. Disney has done a wonderful job of restoring this classic for it's Blu-Ray debut.