Patch v1.01 is here! Hurrah! Thank you for your patience. This patch addresses the following issues:

• Fixed an issue with excessive Steam client CPU usage
  
• Fixed the MSAA option
  
• Fixed the “picture-in-picture” graphical issue in the ‘film strip’ cutscenes at certain resolutions
  
• Adjusted Steam Cloud implementation
  
• Fixed an issue with the jump control in some situations when using keyboard and mouse
  
• Added the ability to disable black borders in aspect ratios other than 16:9

Please note that this last feature is unsupported.
Bayonetta was originally designed to a 16:9 aspect ratio only, and as such, certain UI elements will be distorted with this lock disabled; for example, the book that appears before boss fights may appear off-centre, etc.

To enable or disable this feature, quit Bayonetta, right click on Bayonetta in your games library in Steam, go to “Properties” then choose the "Local Files" tab and click on “Browse Local Files”. This will open up an explorer window, and inside the subfolder "Aspect Unlock" are 2 registry files:

Double click on DisableAspectLock.reg to remove the black bar.
Double click on EnableAspectLock.reg to re-enable the 16:9 lock.

Thank you, and enjoy Bayonetta!