The massive Toshiba Vision Times Square screen offers over a billion colours and full high definition resolution thanks to its 1280x1248 resolution, and uses LED arrays combined with the company's Technovirtual system to create virual pixels between the LEDs. In fact the apparent pixel pitch is just 1.25cm.
That may seem a very large pitch compared to your average flatscreen, but bear in mind that the screen is mounted 87m above street level, ensuring a more than adequate viewing distance! It's also designed to be much more energy efficient than the screen it replaces.
The screen will promote Toshiba products and display seasonal messages, but it's not likely to be used to show the latest widescreen movie - given the screen's all-but square format, imagine the size of the 'black bars'...