OK. First of all, the 5005 does record on everything...+R/RW and -R/RW and CD etc. That being said, the 5005 has "issues" (see the forum) that should be resolved 'soon'.
After that, about wide screen etc. In my experience, if you record something with letterbox, you get a recording with letterbox and your TV shows a picture with letterbox. My 5005 does not stretch or squeeze the picture, it just plays what's on the disc. (Back when I used to sell TVs, the stretching of the picture was done with the TV itself and not the video player.)
There can be compatability challenges with 5005 recorded discs, not so much related to whether it's + or - but to it's recording format which is DVD+VR not DVD-VIDEO. Most newer machines play it fine but some don't. Except for my 2+ year old Pioneer 563A, I don't know what others WON'T play DVD+VR format, so check around.
Now, in spite of the above, I love the 5005 because it is so flexible. I've never had a bad recording (for a standalone recorder) or a coaster. that being said, I only feed it FujiFilm brand -and + media (both R and especially RW, the RW is RICOHJPN and the R is TY) and it does fine with the very occasional TDK+R (CMC) that I throw at it.
Any more questions, just ask me or better yet use the 5005 forum. A lot of (generally) helpful and knowledgeable people there.