LOL.
For me it depends on the tv I'm watching it on. If it's a small, square tv I prefer the formatted version - on square tvs you get huge chunks of black that are very distracting. If you double that with a having a small tv in the first place, watching the letterbox just isn't worth it, it's too hard to see.
Now if you have a large (or at least larger) tv, or a widescreen tv, or even one of the "in-betweeny" tvs that are slightly-elongated-but-not-quite-widescreen, then I prefer having the whole movie. 
Any idea why it's called "letterbox" by the way? I've always wondered...
[ 01-22-2002: Message edited by: LadyCaitriona ]