What if the 2004 version was digitally stabalized reducing camera wobble, and the OUT wasn't?
Sorry about my explanations, english is not my first language.
With wobble I mean that the information within the frame is shifted in relation to each other, like distortions under water, and that this relative shifting differs from one frame to the next. If the movie was doing something like that it would be very obvious. That's why I questioned the method of tracking several areas of the frame, instead of a single location (the stabilization you need if the frame is just shifting). I would assume the warping that is in the frame to be lens-distortions from the old telecine (at least that's what I think I see), and perhaps some corner squeezing in order to get more of the image inside the safe frames.
Some noise-reduction routines and DVD compression can produce an effect similar to wobble, making the dark areas lag one frame behind the rest of the image. But I haven't examined the movies enough to confirm that particular effect.
Rune