Original: On a background filled with blue/indigo squares, we see a blue square with the Paramount mountain logo in gold. It shines, then moves and zooms away as the squares behind it move off, revealing the stacked words "FEATURE PRESENTATION" in gold on a heliotrope gradient background. After a few moments, it zooms towards us. It cuts to a warning screen, which has a pattern of Paramount mountains in the background.
90th Anniversary: An enhanced version of the previous "Feature Presentation" logo. A full color version of the original version of the 2002 Paramount Pictures logo (90th Anniversary version) appears in a square that overlaps a background of four purple squares. A line of light passes over it, and then the logo flies off and the squares peel off, pretty much like before. They reveal "FEATURE PRESENTATION" in a gold-yellow font flying into place, each word from a different end. The words now float against a dark cloud background, eventually zooming out towards the screen in a trail of gold light. The warning post appears as always, but with a dark blue background in place of the usual logo wallpaper.
Scare Factor Edit
None to high for the original. The zooming in of the "FEATURE PRESENTATION" text with the jarring cut to the warning can startle first-time viewers, as well as the fanfare.
Low for the 90th Anniversary, complements the 2002 film counterpart very nicely.