I had a friend back when Widescreen DVDs were just starting to come out who hated them because he insisted the black bars were cutting off part of the picture and the "Full Frame" versions were the whole picture. I have a feeling he probably wasn't the only one who thought that.
But I think there are a few films out there actually shot in 4:3 then were cropped for theatrical release. It's been a while since I read the article and need to do some research...
Yea,that really sucked, when they took 16x9 converted it to 4x3 and then stretched the 4x3 back out to widescreen, I don't think they do that anymore.
I used to dislike the true "Letter Box" with smaller square screens, because the picture was only about 1/5 of the height of the screen, and on a small screen, that could be only a few inches, so, although you got the whole picture, it was too small to actually see anything.
But, yea, nowadays, definitely OAR is best. My TV has a 4x3 and a 16x9 setting (Along with a couple of other widescreen settings), so, if I want to stretch a 4x3 picture to fill up the screen, I can.