Money I probably shouldn't be spending right now, but one must suffer for their art, and their cool gear.
What this thing is, or used to be, is a 16x9 conversion lens that was used to convert old fashioned 4x3 aspect camcorders to 16x9 when that became popular. It doesn't actually convert anything, it just squeezes an image horizontally onto a sensor so that when un-squeezed with a computer it changes the visible aspect ratio of the footage.
Most modern digital cameras shoot 16x9 by default and luck would have it (or math) that if you add one of these to them it creates an aspect ratio very close to the Cinemascope ration of 2.35:1. The same widescreen proportions seen in countless films like The Good, the Bad and the Ugly and Heat.
One can shoot 16x9 and crop the top and bottom of the image to get 2.35:1 and I have done that up until now. But in my opinion the optical properties of shooting an image that is captured 1.33x wider than it is tall changes the feel in an epic, cinematic way.
and cinematic is what we're after.
heres some sample screen shots: