Sorry to correct you on this, but the fact is, that any aspect ratio used to show a movie and which is different from the aspect ratio that the movie was originally shot in, is an "incorrect aspect ratio". Thus showing a movie, shot with a 2.35:1 aspect ratio, in a 16:9 or 4:3 aspect ratio is incorrect and this is irrespective of whether it has been 'panned & scanned' or simply 'cropped' from the sides to do so. In fact, stretching a 4:3 aspect ratio picture to fit a 16:9 screen, is actually more acceptable than either 'panning & scanning' or 'simple cropping', because with 'stretching' one atleast has the option to correct the aspect ratio and still not lose any of the picture. Which sadly is not the case with 'panning & scanning' and 'simple cropping'.
PS: I do hope that 'Star Movies HD' and 'HBO HD' when ever they do start, will show the movies in their original aspect ratios instead of this stupid policy of 'cropping' 2.35:1 aspect ratio movies, to fit the 16:9 aspect ratio of HDTVs. But sadly, as much as I hope to be wrong on this one, I seriously doubt that either of these channels will do the right thing and will simply try to cater to the average joe, who is only concerned with filling up his precious screen, rather than caring about the content shot by the director.