(This page compares the widescreen tape to a full-screen tape, both from Paramount Home Video.)
Basically, compared to widescreen version, the full-screen version gains a sliver at the top of the screen and quite a chunk at the bottom. Meanwhile, the widescreen version has much more information at the sides of the screen.
Another example of how the people scenes in Titanic are framed in the two different versions.
Don't fear. You get pretty much the same amount of naked Kate Winslet in both versions.
In the CGI scenes, Titanic is just like any other movie when it comes to letterboxing. You get a lot more on the sides in the widescreen versions than in the full-screen ones. That's apparently because special effects houses don't output in Super-35.
Another specaial effects shot. The full-screen version has a sliver more image at the top and the bottom, but loses a lot on the sides.
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