Wishbone: Not really. When you have a wider screen, you wouldn't expect to be able to see less. That's like buying a new graphics card, and finding that it didn't support as high resolutions as the old one.
Ah but that's the thing, widescreens aren't wider than 4:3 or 5:4. They're just a different aspect ratio. Imagine if widescreen screens had always been the standard, then someone invents a 4:3 or 5:4 screen. One could argue that the new screen that's come out is the same, only taller. This idea that widescreens are wider rather than standard screens being taller is just a matter of perspective.
Wishbone: Also, In most FPS games, enemies are generally at the same height as you, so there is little gained by being able to see more either up or down. There is, however, something to be gained from have a wider FOV.
This is true, however the devs behind Bioshock said that it was a concious choice to make it that way to keep the feel of the game tight and claustrophobic. I can see that, and I can see people not being happy with it. To be honest, I didn't have a problem with either aspect ratio in the unmodded bioshock. I tried the demo on my 360 in widescreen, and then the full game on my PC in 5:4, both looked fine to me. However, some people think the letterboxing in Fear 2 is fine and I think it's crap. Each to their own I guess :).
