This is difficult to explain because there are several variables involved.
It begins with the "aspect ratio" of the original picture. Older television programs were produced in a 4:3 size (square). New programs, particularly high definition, are produced in a 16:9 size (rectangle). This new 16:9 picture more accurately depicts what we now watch at the movie theatre and on DVD.
If you're watching on cable, the cable company had to decide how they would handle the various pictures we send them. For the folks watching basic (analog) cable, our digital signals have to be "down-converted" for that service. The three choices the cable company has are:
"Letterbox" - this allows you to see the entire 16:9 picture with black bars across the top and bottom of your screen.
"Center Cut" - this 'cuts' and delivers the center portion of a 16:9 picture which fills your 4:3 screen.
"Squeeze" or "Stretch" - this attempts to fit the picture onto your screen which leaves black bars on either side of the screen.
Each of these techniques handles the various pictures we deliver differently causing your screen to display various combinations of black bars, including a phenomenon called "postage stamp" - black bars all around the picture.
If you're watching a new digital television set, you add another variable - selectable screen displays. Your TV allows you to "squeeze" and "stretch" your picture to fit your individual taste. That can just add fuel to the fire.
One technique does not fit all and this issue will remain until all programs and all TV sets adhere to a single aspect ratio (16:9).
Television engineers are working hard to create software that will automatically read these variables and adjust the picture for optimal viewing. This will take a little time.