Scott Kelly’s review published on Letterboxd:
It’s not so much that the black and white of the 2008 Director’s version (in an attempt to meet Peter Bogdanovich’s original wishes) adds to the period authenticity (as it arguably would in stone cold classics The Last Picture Show and Paper Moon) as it is that it somewhat dilutes the broadness of the slapstick heavy comedy. A mere sampling of the theatrically released color version reveals that this often manic ensemble piece (with Bogdanovich’s "stock company" of sorts) could be a rather grating affair. Despite an overall lack of emotional resonance Nickelodeon was clearly made with great care and affection; and the formal film making craft (Laszlo Kovacs was DP) is really first rate. Makes one think that Mike Nichols’ similarly farcical period film The Fortune from the prior year might have similarly faired better with a black and white treatment.