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"I was thinking for people with projection units, or those who simply prefer it on the picture."
How many of them do you think will set their curtains for a ratio other than (or smaller than) 16x9? Hell, most of them probably have the curtains set at 4x3 just to save some hastle.
And it doesn't make much sense to preserve the video, just to slap subtitles on it - not to mention the fact that it can make them harder to read.