Well, reading the settlement page just says that the people who put in legitimate claims will be able to get their movies exchanged for a movie of a list of 350 or $7.10 each.
Given the size of this settlement, the attorneys are probably already covered.
Personally, I have the James Bond boxed set that includes seven movies; I don't want to lose those movies, since I doubt they're going to be replaced with true widescreen versions anytime soon.
Davy Jones
"Frightened? My dear, you are looking at a man who has laughed in the face of death, sneered at doom, and chuckled at catastrophe! I was petrified."
-- The Wizard of Oz