Indeed it is.
So in '99, I had the frogs spoiled for me by a creative writing teacher who was raving about the movie after having just seen it. I was intrigued, but didn't get a chance to see it before it left theaters, so as soon as it came out on video I rented it. VHS. Two VHSes, to be specific. I was enthralled by the movie overall, but by one part in particular, when Officer Kurring is in Claudia's kitchen and they're standing at opposite ends of the frame, and the VHS abandons pan-and-scan completely and actually stretches out to show the entire letterboxed image.
Something about that moment, realizing the pan-and-scan technician probably fiddled with it for hours before going "Fuck it. This artist's vision is just too damn grand to squeeze into a little square box," it was the closest thing to a revelation an atheist kid like me can have. As amazing as this movie was to me, there was a whole giant swath of it that I was missing. I hated myself for not having seen it in theater when I had a chance. I think it was within the next week that I found the old C&C site, where I devoured all the information I could, and when the message board started up, I jumped on that shit. Other people who realize this is the greatest thing ever? Yes, please.
Months later, I got a new computer in preparation for going off to college, a computer specifically chosen for its DVD drive. So I immediately bought my three favorite movies of that past year, Magnolia, Fight Club, and Three Kings, and watched them over an afternoon, in glorious widescreen. The next day I bought Boogie Nights and watched that for the first time. A little while later I tracked down Hard Eight. Since then, I've been riding the dizzying highs and lows of anticipating the next film, and the next. When PDL was still the X4 Project, and CMBB was still Oil! When we panicked over Sandler and got snookered by Froio. But more than anything, it's given me certainty. When asked what my favorite movie is, there is no hemming and hawing, no equivocating, there is only a quick and decisive response: "Magnolia. Duh."