Aspect ratio on PS3

I’m making a MVC2 arcade cabinet using my PS3 as the brain. One thing that is frustrating me to no end is that in the PS3 version of the game it appears that both the 16:9 and Auto wide (or whatever they call it) extends the screen background to the edge of the screen but nothing else. In the PS2 version it displays in widescreen and your character can go to the edge, it doesn’t cut off supers so on and so on. Why the hell did they do that for the ps3 version. It just looks lame. Its causing me a huge dilemma when trying to pick my monitor for the cab. I like the way it looks in 4:3 but then I have pointless screen real estate. Yes I could use a crt but id rather not and I want the best picture possible. Does anyone know of a fix for this?