I pulled that screenshot into photoshop and the red layer is definitely warped, because even when you simply resize and move it so that it lines up at the edges of the screen, it doesn't line up in the middle. Plus depending on what caused the misalignment, the amount could differ from shot to shot and if that was so, it would be a huge pain to try and correct. In the unlikely case that it would be the same throughout the entire film, it wouldn't be too hard to fix in After Effects.

http://img9.imageshack.us/img9/8075/69084largecopy.jpg