Do widescreen ratios give a better FOV over normal ratios ?

yes

but i dont see how its an unfair advantage. surely the people on a 4:3 tv can still set it too a widescreen res but have the black bars at bottom/top ?

Good point , but if I remember correctly on my terrible 4:3 TV with a 360 set to widescreen , it just cuts the left and right side off :(. I'll check again later though :)
 
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