I would guess that it's an exact HD pixel dimension crop to 16:9, i.e. to the same number of vertical/horizontal pixels used for HD TV. Which from memory, isn't actually all that many compared to the number captured by a digital camera sensor.
I do this sometimes with stills for creative effect. Although I usually add back the letterbox to bring the image to a 4:3 aspect ration to exagerate the tv look.