I'm not a huge fan of 2.35:1 setups unless you are happy to invest significant cash, or willing to live with some downsides, such as the Panasonic implementation.
I think, on the lower end of things, the Panasonic implementation is easily the best. It auto zooms/focusses between two different images and you get a proper 16:9 fill on your 2.35 screen with full resolution intact. But, with 2.35:1 it zooms in, fills the space, and you get a drop off in resolution and brightness a bit, but proper fill of the screen.
If you are going 2.35:1 with a lens, then you MUST move that lens out of the way if you want the best image quality. Flat out, it is the most absurd thing I ever hear when people LEAVE the lens in place for all viewing.
Basically, 2.35:1 screen setups bug me because you take NATIVE 2.35:1 material, then stretch it to fill a 16:9 projector (1080p) then stretch it AGAIN with a lens to fill your screen. You do NOT get extra resolution, because they are not anamorphic Blu-ray titles. You may get a bit more from DVD, but not Blu-ray.
Likewise, if you don't remove the lens, then instead of the full, native 16:9 panel being used comletely, you then are using 33% less of the resolution than what is available to you and losing out on brightness.
If I had the money, I would think a far better investment would be a good AT screen. Or even going to a better projector.
If you have the money to do 2.35:1 correctly, then go ahead and get a masking system and motorized sled as well.
But, my biggest peeve is that people seem to want to do 2.35:1 because they think it sounds cool, without realizing that all they are doing is messing around with the native image and distoring it - which always makes things worse.
2.35:1 will make sense when you can buy a 2.35:1 projector... Not until then.