"Wideband" is referring to a style of oxygen sensor used to read air/fuel ratios.
Long story short, standard oxygen sensors, a.k.a. "narrowband", a.k.a. STOCK, are accurate only around 14.7:1 air/fuel ratio. They have an accuracy range of 13.7:1 to 15.7:1. Everyone will have their own opinion on what this range really is. Beyond this range they do not do their job so well anymore. In fact, our engine computers only use oxygen sensor feedback to achieve stoich. Any time you're heavy into the gas (not even NEAR WOT) it is ignoring oxygen sensor voltage. If you want to run a safe 11.7:1 ratio, you are shooting in the dark with a narrow band sensor because it is well out of its range.
A wideband sensor will read accurately from 10:1 all the way to 18:1. These sensors require a control module which is what makes them on the expensive side. They are stock in many late model cars to achieve ultra low emissions. When you're at WOT, the engine computer is STILL reading oxygen sensor voltage to ensure optimum power and emissions.
You can probably get a wideband air/fuel guage in the high $200 range now. For a good one that does datalogging and stuff, it will be in the mid $400 range. The more horsepower you make, the more critical precise air/fuel ratios become, and the more important wideband air/fuel monitoring becomes.
I use a dynojet wideband commander.
http://www.widebandcommander.com/ The only way I can see it being better would be the ability to datalog EGTs also. It has an easy-to-read analog guage instead of the pidly lights which was the deciding factor in getting the dynojet model. There is a red warning LED on the guage itself that can be set to illuminate under various conditions. Mine is set to light up whenever air/fuel is leaner than 15.1:1 and/or when RPMs are over 5500. I cannot think of anything that I do not like about it. The bosch sensor has lasted me 10,000 miles so far, and its response is lightning fast.