Panamorph has teamed up with AV Science and has offered a special for this lens. For those interested: http://avscience.com/2012/12/cinevista-lens/
For a look at what is needed to use this lens: http://www.panamorph.com/cinevista/whats_needed.html
Along with the lower cost of this lens, a slide will also not be needed, since this lens is designed to stay in front of the projector lens at all times. When watching anamorphic content, you just use the stretch mode on the projector. When watching 16:9 content, you just shrink the image back down using 4:3 mode. These modes are named differently by companies. The above link gives you the names of the stretch and shrink modes for many of the common projectors on the market. Looking forward to learning more about this lens.
Panamorph has a nice little demonstration on their site showing the difference when going from a 16:9 letterboxed image to a scope screen of the same height and using a lens: http://www.panamorph.com/
It is a lot more of a wow presentation when your scope movies are larger than your HDTV image.
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Some tuning involved sliding the lens on. Some tuning involved when sliding the lens off. A flip of the remote makes life a lot easier. In my case it would be more involving for me because I would have to adjust the LCD Alignment when switching (epson 6020). I tell you its convenient if you watch a movie once a day like I do.
I don't know which projector you have but if you have three or more LCD panels they have a adustment menu, at least the newer ones do. The RBG will need to be on top of each other. The beam gets split up usually on the sides with the lens on, a pixel or two. But if your not picky you will hardly notice it when watching movies.