I really hope the old aspect ratio is still a viable part. It should remain as another artistic choice that filmmakers have. However, my concern are the people who don't know how to change the aspect ratio on their new HDTVs and leave them on the default "stretch" mode. So, if a filmmaker shot a film in 1:33, 1:66, 4X3, their film is destined to be viewed stretch/distorted on many, if not most, HD televisions. Whenever I go into a public place that has HDTVs installed (in the States), I've never seen 4X3 programs displayed properly.
This is one of the main reason I would choose not to shoot 4X3 as I would want to be certain my productions are viewed properly.
