You can set the V+ to output various ratios. If you have a widescreen TV then the best is to set it to 720p widescreen. Channels that not in widescreen like Living and Parmount Comedy etc are stretched.
Problem with some TVs is that when connected via HDMI it disables the ability to adjust aspect ratios via the TV. Example, My Sony Bravia does not let HDMI signals to be changed so I had the choice to watch with a strectched picture which was awful, or in 4;3 ratio with black bars down the sides of picture.
Personally I like the smart mode on 4;3 images where the TV fills the screen but does it without streching the picture. This is what you lose the ability to do when using HDMI with a Sony bravia, but all TVs are different.
Hope this helps a little....