Typically for HLS there will be one playlist with all the variant streams in it. These streams, while some may be HD and other SD should all have the same aspect ratio, so the SDTV should match the HDTV, otherwise, you'll see the image jump in and out when the bandwidth fluctuates.
All segments should be aligned - in other words each 10 second chunk in any bitrate should show the same 10 seconds of video, otherwise there will be nasty macroblocking artifacts when the bitrate switches.
- Joel