I watched the Wizard of Oz earlier tonight with my wife, we both enjoyed it as always. We talked about supposed interpretations of what the characters represented, such as the Scarecrow representing farm interests and the Tin Man Industrial Workers. I've been studying German, and it struck me that a lot of the trip through Oz seemed to be from a lot of Grimm fairy tales, like Hansel and Gretel. The story seems to you think of The Black Forest. Also, the witches' castles makes you think of the castles on the Rhine. A lot of the Germans who emigrated to the US came from Southwestern Germany.
I looked up Wikipedia just a few minutes ago. The most interesting thing mentioned was that there was a theory that the evil genius of the story is the Good Witch of the North, who defeated her rivals the Wicked Witch, the Wizard of OZ, and Dorothy, leaving herself in power (Of course Dorothy killed the other bad witch). Wikipedia article: