A huge advantage of having a media center is being able to use software to stretch the image a little bit or crop it to your liking.
I use a free program named Media Player Classic. It's not really the most...shall we say the most "polished" program, but it has a really nice feature I like that you can manually stretch the vertical/horizontal size of the image so you can have a little cut off the sides, stretched, or whatever.
Kinda besides the point.
Anyways, I most TV's I have seen have letterbox settings (which crop the image, no stretching) and fit to screen settings for different ratios. Experiementing for each movie might get you the best results.