You thought the pan-and-scan vs. letterboxing wars were over with the move to 16:9 HD TVs? Wrong. Steven Soderbergh, in the DGA Quarterly:
Television operators, the people who buy and produce things for people to watch on TV, are taking the position that films photographed in the 2.40:1 ratio should be blown up or chopped up to fit a 16:9 (1.78:1) ratio. They are taking the position that the viewers of television do not like watching 2.40 films letterboxed to fit their 16:9 screens, and that a film insisting on this is worth significantly less—or even nothing—to them. They are taking the position that no one will dare challenge them and risk losing revenue.