Sorry, not to be defensive, and to each his own, but... "doesn't look right" maybe for an eye grown accustomed to the CC look, or any other previous attempt to present the film. The Criterion team had to start from a mere, old-generation positive (which was created from a negative years ago).
The Cineteca di Bologna wanted to screen
8 1/2 in early 2013 in occasion of the anniversary but couldn't, because the positives available at the time could "not be used for projection anymore. We need to start from the original negative and proceed with a new restoration" (report from the National Cinematèque, June 2013). So, in short, the positive used by CC was already worn-out... and it shows.
4-5 groups were involved in the new resto (that would be screened), taking into account the previous attempts, and they did a great work indeed, giving new life (and sure, a new look) to the film - this is obviously the best looking release.

I can understand to a
certain extent one preferring one look rather than another, while comparing frames from different sources, but being "darker" or "more contrasty" doesn't mean "less accurate"; in this case, it's the other way around!
That said, it's a pity they couldn't include English subs, like they did for
La Dolce Vita, since I doubt CC will re-release it.

Maybe Germany...?
EDIT: agreed with barrett, it's more or less the same with the two recent Universal noirs.