PAL gamers beware: Madworld does not support 60hz display here, and so runs only in black borders and at slower speed (about 83% of the game's original NTSC speed).
And so, I have officially wasted my money - I won't play it like this. None of the PAL review sites picked up on this issue, I guess they must've been playing the US version and just assumed that Sega/Platinum weren't living in the 1990s.