Some video sources can pass a "blacker than black" signal, which is sometimes used for the letterboxing bars. Usually when sets are calibrated, a PLUGE pattern is used to display a "blacker than black" background as well as a series of bars. The "black" bar is then calibrated to be indistinguishable from the "blacker than black" background. This test is available on most home theater calibration discs, such as Digital Video Essentials, and performing it should correct your black levels.
They shouldn't be. Have you calibrated your set? You also may be viewing crappy video, as in some movies the picture areas have elevated black while the bars are correct.
Jim: Blacker than black is data encoded below black. On 8-bit digital video(256 steps from 0-255), such as DVD, black is defined at digital level 16. Nominal reference white is placed at 235. Video data runs from 1-254. Below-black data is any data that falls below black(16), thus is data 1-15. Peak whites are data above 235.
A video chain that is performing correctly will pass all the video data, including peak white details, and blacker-than-black. Many source devices, processors, etc, are incorrectly designed and clip image data (especially BTB).
It is important to preserve both BTB and peak whites in a video system is possible for the best performance. In most consumer systems, hoping for this is a crap-shoot, and is confusing to test for. If you want more information on this, I have written a ridiculously long FAQ that is pretty much finished at this point.
edit: note that blacker than black has nothing to do with IRE setup. Do not confuse the two.