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.
Having just installed a Panasonic TH50PX70 today I can confirm the same 'issue' for want of a better word.
When set to '720p Wide' it sends a widescreen pic to the TV no matter what the source picture is. You can change the ratio on the TV though between Auto, 16:9, 14:9, 4:3, zoom1, zoom2 zoom3. Rather annoyingly when not connected via this method the TV can take a 4:3 and zoom/stretch it so it fills the screen but people don't look noticebly elongated but strangely doesn't appear as an option to pick off the list and only works when set to Auto.
I'm learning to live with it or force the TV to zoom1