Before you all start in, I know that the Japanese game Riz-Zoawd, based on The Wonderful Wizard of Oz, is getting an American localization. It seems they've licensed the MGM movie's brand and are calling it The Wizard of Oz: Beyond the Yellow Brick Road.
Before you ask my thoughts, let me tell you this: I have not played the game, so my thoughts are being reserved until a time comes that I can. It's almost become a pre-requisite that anything with the name Oz should be approached with a low expectation. That way if it's better than your expectation, you get pleasure, and if it doesn't, you don't get disappointed.
After all, remember the last video game that got a license from the MGM movie?