kami,
As julio said, it's not P&S. It's widescreen letterbox. No anamorphic, but not that big of a deal. It's a good transfer anyway.
Now the real travesty is that it's devoid of any special features whatsoever. I can't imagine how entertaining an SE of this disc would be--the deleted scenes and a Mike Judge commentary would be classic! I'd also like to see a "making of" featurette to see the actual exteriors they used (it was filmed mostly in Austin IIRC... I'd love to go pay homage to Initech).
I know there was a petition going around DVDTalk a while ago. But I wouldn't hold your breath for the SE. That is too good a movie to wait. Just break down and buy it already.
l2c