Have to say, that's one of my main gripes about modern TVs - aspect ratio setup. That and the spec for HDMI assuming everything is widescreen and that the source will correct - the problem with that is the source often doesn't correct / frame properly and also assumes the video is widescreen / 16:9.
To my mind, whilst not perfect and a bit limited, at least SCARTs wss with pin 8 facilitated watching 4:3 stuff correctly. Nothing worse than stretched, distorted, zoomed or cropped stuff because people don't really get aspect ratios, hate black bars, and think that because they've paid for the entire screen it should always be filled regardless of the original framing.