yep! But yeah, movies shot in 2.35:1 and exhibited on 16:9 TVs will still have black bars, just not nearly as much as they do on 4:3 sets. Unless shabby is talking about zooming, in which case he's right you would have to cut off the side(s) of the movie to avoid the black bars.
They had to compromise somewhere... TVs just wouldn't be practical at 2.35:1. Most TV programming just wouldn't benefit from an aspect ratio that wide.
l2c