It's hard to tell, more than sixty years later, if the blotchiness of this Oscar-winning short subject is due to less than perfect, newsreel-style photography or poor preservation. I would guess it's the photography, because the colors are fine -- particularly the greens, which are usually the first to go. It would be nice if the industry would spend a few bucks on conserving stuff they thought worth honoring, but that seems unlikely.
Still, this short subject covering the Pallio, a race of Barbary horses over the rough streets of Siena -- it was originally run with oxen according to tradition -- is most noteworthy for the display that the flag bearers use in playing with the flags they carry. As for the soundtrack, Art Gilmore does a good job on the narration, but the crowds sound dubbed.