where the 720 x 480 came from
For historical resons there is some "extra room" around the video frame. This is the root of all kinds of errors when people calculate aspect ratios:
Standard definition NTSC DV's sampling matrix is 720x480 (that includes the "extra room" around the image although often there is content in all pixels). DV uses rectangular pixels -- the pixel aspect ratio is 4320:4739 = ~0.912. So the pixels aren't square and you have to scale the image to see the correct proportions. iMovie and a TV set do this automatically but sometimes the poor user might see an unscaled image and think something is seriously wrong...
Notice that inside (and outside!) of that 720x480 sampling matrix the actual active picture size is 710.85 x 486. Weird but true.
Now, to see the correct proportions you have to scale rectangular pixels to square pixels. You usually do that by multiplying the horizontal pixel count by the pixel aspect ratio:
So the square pixel horizontal sampling matrix becomes 720 x (4320:4739) = ~656. So you should scale 720x480 to 656x480 to see the correct proportions on a computer monitor.
The same calculation applies also to the actual active picture size: 710.85 x (4320:4739) = 648. So the square pixel actual active picture size is 648x486 which is EXACTLY 4:3!! THAT is the 4:3 ratio we talk about -- not the 640x480 which is just a cropped value of the former weird size.
The same principles apply also to 16:9 ratios.
http://www.iki.fi/znark/video/conversion/