With a relatively wide angle (like 270 mm or 159 mm on 8x10) you should always see an ellipse in the corners, simply because you are looking at the aperture at an angle. The important thing is to make sure that the ellipse is formed by the aperture blades and not, for example, by the rim of the lens barrel or any attached filters.
The apparant narrowing of the aperture at wide angles from the optic axis is one of the causes of 'normal' light falloff. It is also responsible for one type of 'swirly' bokeh, and for the way the saggital and tangential MTF curves seperate at wide angles.
In some lenses vignetting by the barrel appears to be deliberate. I have been playing with a 14" Verito John Stafford lent me, and the barrel vignettes all the way down to the point where the deliberate diffusion is lost.