Are letterboxed movies really 1080p?

CNET Reader Doug Hagemeister asks:
Hello! I was watching a movie on Blu-ray the other day filmed in the 21:9 aspect ratio and I realized that it technically wasn’t “1080p” since about 1/4 of the screen was taken up by the horizontal black bars (called “letter boxing,” correct?). Anyway, I was just wondering how many pixels were being used on the TV. Thank you!
Ah, letterboxing, how I love you.