It strikes me that the technology probably exists now to be able to rework fullscreen format footage into a widescreen view - not by cropping to a widescreen rectangle smaller than the existing frame, but by techniques such as:
Digitally adding in plausible scenery (either just made up scenery for static shots, or captured digital renderings of stuff that moved off the edge, in panning shots and similar)
Re-compositing the action so that it doesn’t just occupy the middle of the newly-widened scene.
Is anyone attempting anything like that anywhere? (I mean, for footage that has never existed in a widescreen format - obviously for films that have been P&S’ed, the proper solution would be to go back to an original print)