Rick the 3000 and 4000 both have the built in adjustment, the 4000 has an option for it to auto detect the movie and adjust the aspect ratio automatically. Projector Central has a nice review comparing both of them, the 3000 is still a very nice projector, you might be able to pick one up cheaper soon...
With a 16:9 screen, your 2.35 material movies will be much smaller and have black bars on top and bottom, your 16:9 movies will be full screen. With a 2.35 screen your 2.35 movies will be full screen and 16:9 (HD broadcasts and some dvds) and 4:3 (standard tv signals) will have bars on the sides, less bothersome for me.
