Eric Goldberg points out on the DVD commentary for Pinocchio that the famous "They never come back... as boys!" shot is especially scary on a big screen. While I've never seen Pinocchio in a movie theatre, I can believe it: one of the things the shot depends on is the idea that on a big screen in a darkened theatre, a sudden change in color will have an almost physical impact on the audience; you can almost feel the color changing.
Another shot that does that, though it's not meant to be scary, is the bit near the end of "What's Opera, Doc?" where Elmer vows to kill the wabbit, and the entire screen (including Elmer) goes red. On the small screen, especially when the lights are on, this is just a nice shot; on the big screen in a dark theatre, the change in color is startling and, again, almost physical.
I haven't seen a lot of color movies on the big screen that use color in that way, making the audience jump with a sudden color change, but obviously there must be others. I suspect that this effect is easier to achieve in animation, where you can actually change the color of somebody's face as he leans into the shot, than in live action, where color manipulation is harder to do without it looking artificial.