Evidently, I need to brush up my knowledge of "Wizard of Oz" mythos because I'm not entirely sure who that lady in red is supposed to be. Beyond that - I think this looks promising. Points go for designing the Wicked Witch's minions (not the flying monkeys, the other guys) similar to the ones in the 1939 MGM film. Nice touch with the transition from black-and-white to color (and panning out into widescreen as well). Though I will reserve judgment on whether or not the apparent use of 3D is justified (which is my policy on all 3D films. I've yet to see one that makes use of the technology beyond "Ooh, look! Shiny object! Ain't we neat?")
I preemptively... like this movie.