I have a bootleg DVD of this, and have watched it a few times. I find the live-action parts of the movie so overwrought and stilted that the justifiably-criticized racial aspects are almost difficult to peer through to.
(Almost as stilted as the auteurial sniffing at Disney entertainment in the article below. But I digress.)
That said, the animated portions are pretty charming, and the source folktales are actually very interesting. What Disney should do at this point is try to make a new animated "Song of the South" that's purely the Uncle Remus stories. I think the material could be handled properly to avoid controversy from all but the folks determined to find some.
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Why Can’t You Watch Disney’s Song of the South?
“We’re through with caviar,” Walt Disney lamented. “From now on it’s mashed potatoes and gravy.” The company that bore his name was reeling from the disappointing box office returns of Pinocchio and F…
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Song of the South
It's available in Canada, which is still Region 1. We have a copy, though I can't say that I've actually watched it.
The film has never been officially released on DVD anywhere in the world. All DVDs are unauthorized copies often sourced from the Japanese laserdisc, the Chinese laserdisc, PAL VHS tapes, or British television broadcasts.