I don't think you can generalise about black and white versus colour - it's more complex than that.
Black and white films are of their time, the conform to the requirements of the society to which they are offered, and the work within the limitations of the medium they work in.
That means that plots are often more straightforward, dialogue is certainly simpler and more direct, and editing is often less frenetic.
To me, that simply means that they appeal in a different way, rather than one format is superior to the other.
For example - I found It's A Wonderful Life to be a dreadful film, the dialogue is all snappy and shouted, the editing is clunky and the premise is sappy.
Contrast that with Psycho - one of the most brilliant suspense films ever made - and both were in black and white.
For colour, there is South Pacific, one of the most seriously odd, pointless plotless homo-erotic loads of pap I have ever wasted time on - and then there is Star Wars, glorious colour and the cutting edge technology of its day with a cowboys and indians storyline.
It is the film that gets the merit, or brickbat, not the medium or time it was created.