A 2x4 is not 2x4 anymore. I think that a long time ago, 2x4's had a cross section of 2" x 4", but now they're actually about 1.75" x 4". But in the context of this discussion, 2x4 is okay with me because it has an actual dimension (inches) and it's more convenient to say than the actual size...
I'm a math guy and I'm going to take a stand here and say that 16:9 should be spoken, "16 TO 9" since it's a ratio of width to height. "16 BY 9" would require specifying some sort of measuring unit (a parsec is probably a tad too large when describing a TV screen). A ratio doesn't have a unit...