I agree with the OP that its odd you can not change a sequences settings post edit.
One simple example where this might be useful:
You have a segment of your sequence where the camera was rotated 90degrees. You want to rotate the footage but not loose resolution by scaling it down to fit your current 16::9 format or cropthe top/bottom of the rotated clip.
Id like to just duplicate the orig sequence, get rid of the non rotated clips then simply edit the frame width/height to accomodate for the otherwize identical sequence settings (framerate, codec, etc)