I know o_o
Still alot if time before Im forced to play with meager models on PS4 - I would maybe quit the game when that happens. At least I wont have fun anymore. <.<
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The 4:3 aspect ratio (not resolution) looks stretched and wrong while the 16:9 aspect ration looks correct.
1280x720 (or 720p) and 1920x1080 (or 1080p) are resolution with 16:9 aspect ratio. These are the correct widescreen options for modern TVs. 4:3 aspect ratio (with resolutions such as 800x600 and 1024x768) mostly got phased out when we moved from the massive tube (CRT) displays to the the LCD displays. If you actually played the game on a proper 4:3 display, you'd find out that your character would actually look like the one in the second picture with correct aspect ratio.
You are playing on a 16:9 ratio television but the output resolution from the PS3 is 4:3. That results in a stretched look. The 16:9 image that you posted is the correct visual representation of the game. The first image you posted is actually stretched and not the correct design. Not trying to invalidate your opinion though. You are welcome to enjoy the game however you want, but in regards to the PS4 not supporting 4:3 ratio, 4:3 ratios are being completely phased out.