We just completed this Austin. TX home theater featuring a 2:35:1 Ultra-Wide Screen.  To achieve this ultra-wide image we coupled a Epson home theater projector with a anamorphic lens.  We then projected this onto a 120in 2.35:1 Ultra-Wide theater screen.

Here is a link to great article explaining the benefits of 2.35:1 Home Theater Screen:

http://www.projectorcentral.com/build_home_theater_screen_aspect_ratio.htm