imovie simple editing tools

I am in the process of editing a large project. I have final cut express and the latest iMovie and usually use express. This time around I decided to use iMovie for the sake of (what I suspect is true from my own experience) smaller files, faster rendering and image stabilization. However, I noticed that after some quick editing I assumed a certain feature would be at my disposal since iMovie had things like stabilization, but I was wrong. The simple widescreen overlay. Why is this not part of the iMovie effect pack? widescreen is much more often used than things like the x-ray or cartoon effects, even in bad youtube review videos. I would think this effect would be included when it likely uses less memory to create a black bar. At least a black bar, but even a color pallete should be an easy inclusion. I hope there is a better reason for not including this than just making final cut pro x look more appealing.

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please correct me if there is an easy way to apply widescreen or if its simply a hidden feature