stvwlf, slight error mate in what you post...
These 2 lines...
if (!$src) get_post_meta($post->ID, 'pft_widescreen', true);
if (!$src) get_post_meta($post->ID, 'pft_rectangle', true);
... i believe should be..
if (!$src) $src = get_post_meta($post->ID, 'pft_widescreen', true);
if (!$src) $src = get_post_meta($post->ID, 'pft_rectangle', true);
Ternary equivalent... (for the sake of doing the same, another way..)
<?php
$src = (get_post_meta($post->ID, 'pft_square', true)) ? get_post_meta($post->ID, 'pft_square', true) : false;
$src = (!$src && get_post_meta($post->ID, 'pft_widescreen', true)) ? get_post_meta($post->ID, 'pft_widescreen', true) : false;
$src = (!$src && get_post_meta($post->ID, 'pft_rectangle', true)) ? get_post_meta($post->ID, 'pft_rectangle', true) : '/path/to/default/image.jpg';
?>
<img src="<?php echo $src); ?>" alt="<?php the_title(); ?>" class="img" />