I've been having the same problem since the last patch, only when enabling the 2.02 version. I didn't brought it up because I thought it was just an error on my new computer's part, which is also widescreen (3/2 I believe). In about 75-90% of the cases at me it won't start from the first try and it will remain stuck unless you do something and then go for a second try (rest of % going to the first try win). Luckily, it can be avoided. Since I use Windows XP, I can bring up the task mananger, go to processes and interrupt the "lotrbfme2ep1.exe" process. It takes about 1 or 2 minutes before it brings up an error message and the game stops. At the second attempt after this it always worked for me.
This is only a temporary solution and there could be others. I know the 2.02 staff has its hands full, but please try to fix this problem (not sure why, but you've also probably seen a purple background surrounding the patch launcher menu and I believe it may be related). And welcome to GR, JVC