From what I've seen I kind of prefer the SE colors. The UE is kind of soft and warm.
But then, I never saw the movie in theatres, so I wouldn't know. All I know is it's weird that they would crop it in the first place.
And the "accidentally released the pan-and-scan version" theory, I don't know how well that holds up...I was watching it in PowerDVD with the pan-and-scan turned on, and while it's true that the intro credits did fit perfectly onto a 4:3 screen, some of the subtitles elsewhere went off the edges of the frame...
But then I did read somewhere recently that a lot of 4:3 stuff was squished a bit horizontally to be able to fit more. But then why would they crop off the top and the bottom? Usually fullscreen stuff tries to get as much vertical picture as possible, so you see more.
I should probably not post so early in the morning, I know I'm just rambling now =)