The Tosh manual says that the Theater Wide 1 mode unevenly stretches a 4 x 3 to fill the wider screen and that most of the stretch occurs at the edges. The middle area remains minimally changed. I first noticed that I can see little difference between TW 1 and TW 3 when watching regular...
My 4700 does not have a level control of the audio output either as my 2700 has (and the volume level can be adjusted with the remote) Appears that if there is a digital audio output on the unit then there is no volume control.