i think about extending support within one of my apps to handle a second screen via AppleTV.
The question is:
If i just mirror my App, the nice 46" LCD TV shows only a 4:3 Letterbox Image of my App. Is it possible to use the full 16:9 ratio if i change my app to render a different screen for Apple TV / AirPlay?
Absolutely. In iOS 5, a mirrored AirPlay screen can be used as a secondary UIScreen, which can have content different from what is on the device screen. That's what you want to do.
You can see how to do this here: https://github.com/quellish/AirplayDemo Your device screen is mirrored until you start using that secondary UIScreen, and you can remove the window you attach the to the UIScreen and go back to mirroring. This lets you control when you're putting custom content on there, and when you're just mirroring.