Hopefully you can clear this up for me Patti...

Shouldn't videos be displayed at 640x480 instead of 720x480 for the proper aspect ratio?

I use Vegas upon you recommendation and Vegas says that the video's original size is 720x480 but if I encode in that size, the aspect ration looks wrong. The video appears stretch out horizontally but 640x480 looks correct. Is this correct or is my aspect ratio screwed up?