This technology sure is intriguing. While every tool has limitations, and that is surely the case here, I nonetheless think this could work even better if I could better understand a little about how it works. In particular, if I could both tune the script parameters AND also modify my B&W source prior to modifying it with this script so that it would be more acceptable to the script, I think I could get better results.
For instance ...
Here is a before/after snap of some B&W football film I happened to have lying around from some work I did for a major sports film collector:
Before Colorization
After Colorization
And here is a short video clip of the colorized version:
Colorized B&W Football Film
As you can see, the script does a pretty good job on the grass on the edge of the frame, and a credible job on the jerseys, but screws up on the grass in the middle of the frame. In looking at the original B&W (above), whatever exposure variation is causing this change in behavior is not obvious to me, but I have to think that if I could understand a little of the theory of operation, I could tune the script or prep the source to get the script to produce green across the entire width of the frame.