I'll worry about fanart and background etc later (for now they will be stretched to fit the screen) as it's the media views that are the initial priority.
I've made a start on getting the Media Preview view working in 4:3 and I've managed to get a version working without having to change
too much code (which will make it easier to maintain both 720p and 4:3 code in the long run) and this will come with the next release (hopefully with the next T3CH).
One thing I should say though is that in starting the 4:3 work I've had to create a new fontset specifically for 4:3 and at the moment my focus has been on making it work with the Media Preview view. There may be other screens or dialogs where the fonts are too big or small initially. The conversion process has to start somewhere and over the coming weeks we'll be ironing out the problems and working our way through all the rest of the screeens and dialogs.
Please don't post if you see bugs/issues with the 4:3 stuff until we get to stage where we say we're looking for feedback (we know there will be issues initially and don't want to be swamped with them). When the conversion is more complete I'll create a separate 4:3 Bug/Suggestions thread where you can post stuff for us to look into.
I'm hoping that within the next few weeks we'll have a skin that works better in all resolutions so as many people as possible can use the skin as it was intended.