You would exchange your dvd (i guess send it back to MGM) and they would give you either $7.10 per dvd (probably half of what you paid on average, closer to a third if you paid full retail) or you can 'swap' it with a dvd from 'a list of 325 titles'. though it doesnt say that these titles are corrected versions of the movies you are swapping (and are most likely not).
so basically, providing this is true (i have a few dvds on the list and plan to check this out when i get home from work) and they are just cropping the top and bottom of the movies to make them 'widescreen' and the settlement passes, MGM will still be screwing the customers by paying them far less than the dvd is worth (and you no longer have the dvd) or giving them a totally different movie from their 'list of 325 titles'
honestly, unless i can get a fixed version of the movies i have, i plan on opting out of the settlement and/or objecting to the settlement (i want to see the list of 325 titles first)
-Darth Simon