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The current generation of iPads and iPhones have 4x3 screens, which are, quite frankly, an anachronism. Monitors and TVs of old used to have 4x3 screens, but most current TVs and monitors are now 16x9 widescreen.
So, will the iPad 3 have a 16x9 screen to make letterboxing less prevalent when watching Netflix movies? Well, that depends on whether you watch Netflix movies. After all, with so many TNG and DS9 episodes out there, all in 4x3, who really needs 16x9 (or any other entertainment, for that matter)?
Seriously, there's no doubt Apple will have to transition to 16x9 at some point, but that will break many iPad and iPhone applications (or stretch them bizarrely).
The Magic 8 Ball: The Magic 8 Ball reads, "Reply hazy, try again".
Image: 4:3 ratio is the full screen while 16:9 is the gray section. Credit: Apple
That said, if Apple is willing to cause developers problems, and why not add one more. For example...