I have a CRT so I know what you are talking about. My friend plays Skyrim on as HD flat panel wide screen and doesn't have this problem. I think the solution is to migrate from CRTs to HD widescreens. I've become remarkably good at reading the little, tiny, truncated messages...
As others have suggested, if you have a HDTV, your TV will have a menu with options for ratios/sizing/placement of the displayed image. Mine fits everything very nicely, with room to spare.