You could also adjust the brightness / contrast, experiment with different hues, add a little motion blur (maybe even a little gaussian blur to "soften" your image)... And if your footage is interlaced, remember to render it progressively. Also, if your footage was filmed in 4:3, you might want to crop or "letterbox" it to 16:9 for that widescreen effect.

Whatever the format, whether film or digital, proper grading will give a whole new lease of life to your picture, and should never be over looked.

MS.