More or less, yes. A native 16x9 resolution means the light passes through an array of 16x9 LCDs (R, G, and B). There's no extra space above or below that area for the light to bleed through. Depending on where the projector is in relation to the screen, and how well you've adjusted the image geometry, you can completely fill a 16x9 screen, leaving no black bars on the top, bottom, or sides -- AS LONG AS you're watching a movie with a 16x9 aspect ratio.
Remember that not all movies are 16x9. Some are 1.85:1. Some are 2.35:1. Each of these is wider than 16x9 (which reduces to 1.78:1), so watching these types of films
will result in thin black bars on the top and bottom of the screen.
So yeah, what sirquack said....
