Well, the thing is, the widescreen aspect ratio is actually the original one. Films in cinemas have always been filmed, and shown in this aspect ratio. Later on, when home television was invented, what was being broadcast was in a very different format, and thus, TVs were markedly different.
Then over the years, movie directors were complaining that when their films were re-edited for 4:3, it ruined the cinematography and the framing, which is fair enough. Every shot in a good film is meticulously done. It looks exactly how it was wanted to look. To then come along and chop the screen off at both ends pissed them off, and resulted in an altered film.
All in all, if you're any kind of film fanatic, you will see the huge benefits of widescreen. You can watch films at full-screen, in the right aspect ratio, and see allt he shots and scenes the way the were supposed to be seen.
As for everything else, in 4:3 you actually have less screen, so I'm not entirely sure what you mean.