I'll go for 720p being the minimum (in my personal opinion, anything interlaced should be kicked off the HD spec, but that's just me). I don't think aspect ratio should be a determining factor though. While uncommon, I have seen some 4:3 HD encodes for some specialty films and whatnot. As long as the resolution is there, the aspect, in my mind does not matter.
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I'll go for 720p being the minimum (in my personal opinion, anything interlaced should be kicked off the HD spec, but that's just me). I don't think aspect ratio should be a determining factor though. While uncommon, I have seen some 4:3 HD encodes for some specialty films and whatnot. As long as the resolution is there, the aspect, in my mind does not matter.