I'm not sure what you mean by 'on your end'? But I imagine it requires a special projector for the audience to see. Yes, definitely the audience will see it, that's what all the unhappiness is about.Â
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When we first got our latest, fancy-schmancy TV everything looked like it was in soap opera mode, and I was getting pretty disappointed. That's a lot of money for what I think is a lousy visual quality, not superior. Fortunately dh agreed and went hunting around all the options and found where it could be turned off.Â
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But I don't know if that means when the Hobbit is released on dvd the consumer can opt out and turn off the super high def. I kinda think not, since the effect originates at the recording camera.
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I think this movie change-over is kind of like the switch from vinyl to cd. There are plenty of people who still believe vinyl offers the better sound, because while vinyl capture's all of the source's real sound waves, with cds some of the source's sound waves aren't captured in translation from reality to digital. I just spent 5 minutes reading about vinyl versus digital.

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At the very least it's good to know this major bit of information about the movie ahead of time. At least it won't be a surprise, and I can focus on enjoying the story. And that might be Peter Jackson's objective with these pre-screenings.Â