I think the problem is the pixel aspect ration of 1 to 1 thats default I had the same problem with the splash screen in my PM3 skins
try setting it to either DV NTSC or DV PAL in photoshop do that by going into the Image menu then down to Pixal Aspect ratio and change to the one you wan't.
Also at a guess Your running in pal mode right because that will stretch out the image and make it higher thus making your cicles look funny