I just read that Wiki Page (thanks, Dave!). If the info on that page is true, I would find Mr. Storaro to be rather presumptuous to be modifying earlier works to suit his model.
If he wanted to lobby whatever cinematographic societies to which he belongs to try and convince all filmmakers that 2:1 is the way to go from now into the future, I'd wish him well (and good luck with that BTW!). But to go back and change older films to fit his "vision" just seems rather arrogant.
I'm sure this has been discussed in other threads on this forum before, so I apologize if my inquiries amount to a re-hash of prior discussions...but this is new to me and I regret that the upcoming Criterion release is not going to have the full effect of those unbelievably beautiful widescreen shots for which the film (and Storaro himself) was honored and is reknown). It is an absolute shame.