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The Lord of the Rings was not a 35mm anamorphic release, where the only way to present a full-screen version is to “pan & scan” left or right. The trilogy was shot on Super 35 which can handle variable aspect ratios (and can also produce a sharper image). What this boils down to, in this instance, is the fullscreen version of LOTR:FOTR presents more picture from top to bottom but loses it on the sides; while the widescreen version (similar to what was shown in theaters) has more picture side to side but less on top and bottom.
Unlike the site linked above, here is a real comparison taken from both releases:
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










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
Notice how the same holds true for both normal and special effects shots. (For instance, the moonlit cloud effect above Amon Sûl, in the second picture, is only viewable on the fullscreen version.) So what am I trying to say here? Maybe that the choice is not as simple as some would make it out to be. That, in this instance at least, the fullscreen version is not all that bad. That the movie is pretty darn good in either version. And, that geeks like me can’t go wrong in getting both.
Added August 6: There. I added three more images, and I also brightened them up a bit to make them easier to study.
Added August 7: There. I added the “fellowship” group-shot comparison, by popular demand. (The full-size version looks like it’s been squeezed to fit a TV screen.)
Have you bought your copy(ies) yet?
Thank you for making this comparison. The “Digital Horses” video on lordoftherings.net indicates the effects were rendered to a 16:9 frame around the wide theatrical frame. I think this fully expanded digital master is meant for HDTV.
The full screen DVDs appear to be extracted from the 16:9 version, so they’re not quite as tall or wide as other Super 35 full screen DVDs. It will be fun to see the reactions of theatrical aspect ratio purists when they realize the HDTV versions present the entire widescreen image plus 24% vertically.