Computer monitors use square pixels. As a result, 640 pixels by 480 pixels on a computer screen looks 4:3, as you’d expect.
However, the NTSC TV spec calls for 720 pixels by 480 (or 486) pixels to look 4:3 on a TV.
Huh? 720×480 is not 4:3. Wassup?
This actually works if the pixels are not square. In this case, the pixels are tall rectangles, so 720×480 works out to 4:3. So when a 720×480 image is played on a TV, the image looks right, because it displays tall pixels.
DV widescreen (or 16:9, not anamorphic) is also 720×480 pixels, but the pixels are not square, nor are they tall. They are actually wide: 1.2 to 1. However, if you tell AE that the footage is NTSC widescreen, it interprets the footage properly. Look in the help under “pixel aspect ratio correction” for more info.
So it’s not lenses, it’s pixel aspect ratio: square, tall, or wide.
Check out this article by Rick Gerard.
There’s also more info in the help. Search using “widescreen” and “pixel aspect ratio correction”, as mentioned.
Steve