on the PS3 it will run 4:3 (black borders on both side) or you can stretch to almost fullscreen (about 14:9 or something like that, but not really fullscreen)
on the PSP you can fully customize it (weird... the emulator on PSP is superior to the PS3 version)
He's talking about 50/60hz not aspect ratio's.
We used to get screwed pretty badly over here, not only did our versions come out alot later but the game itself was usually a good 20% slower and had huge vertical borders which took up almost half of the screen
Things only started getting better with the dreamcast (first console to have both a 50/60hz selector in the PAL releases)