I grew up with the 1944 edition of The Wizard of Oz, illustrated by Evelyn Copelman. I think this was the first unabridged edition to use new illustrations, and the title page claims that they were based on the original W. W. Denslow drawings. I think the MGM film had a stronger influence on the drawings than anything else, and some incidents are independent of any influence. A later edition added more illustrations to the book. I used to get this version out of the local library frequently, much to the confusion of my family. I don't think they realized the reason - more pictures!
When I first saw the original Denslow illustrations, they struck me as very odd - I was so used to this version of the story. I still have the original copy that I read; it was already worn by the time I got it, and is now a pretty decrepit book.
Copelman also illustrated a new edition of The Magical Monarch of Mo. Both of these titles were published by Bobbs-Merrill, who still had the rights to a number of Baum's early titles.