Letterboxing:

Be prepared for the widescreen future.

The letterboxing controls allow you to matte an image or squeeze an image from a16:9 original.

When doing anamorphic letterboxing, you can shoot your original footage in 16:9 with a camera like the Cannon XL-1.  All processing for the effect is done at the higher 16:9 resolution and compressed as the final step.

If you simply want to matte a wide screen image, the position control allows you to easily animate the letterbox up and down the image for proper composition. 

If you are tired of black bars, color selection is yours to choose as well as animate.