I just feel that if K is saying theater a movie is in 240.1 it should be in 240.1 ..
This is very misleading and something needs to be done to correct the problem.
K only lists certain aspect ratios in their user interfaces, and they're based on the most commonly used aspects, and they're there specifically for automated masking systems. In-between ratios include an extra "trim" amount of metadata to guide masking systems into the correct ratio based on an amount of variance from an "anchor" ratio.
K lists 2.40, 2.35, 2.20, 1.85, 1.78, and 1.33 ratios, but there are plenty of films on the store in 2.0:1, 1.9:1, 2.76:1, etc., which have the extra trim value from the closest ratio.
I, too, wish they'd display actual aspect ratio, though since I've added the Lumagen to handle scaling instead of using lens memory, I care a lot less about this change. I do think they should make the change, though.
My system has been torn up a bit this last week, so I haven't watched Dust Bunny yet, though I'm looking forward to it. If you're seeing letterbox on all 4 sides, there could be a metadata problem with the title, but if you're just seeing it on the top and bottom, that is to be expected with a 3:1 aspect ratio.