yes there r many aspect ratios...
1:1 is square not quit good for photos
4:3 is mostly used in day-to-day life.. its a similar ratio to 5/7 , 4/6, 8/10 which we print....it also have the most area covered rather 16:9 or 1:1 which will crop the pic from top or sideways..
16:9 looks great while taking landscapes but I have noticed that it just decrease the resolution and crop the picture for ex - native resolution is 640x480 but wide resolution is 640x360 ....or 1440x1024 is general resolution wide is 1440x900 ..
I hope u r clear
and its great that u r loving it