If you had a standard ecu, the use of a wideband O2 sensor would be somewhat dubious at best... it could tell you something's going wrong, but wont give you any means to fix it!
Basically, with a standard ecu, you'd leave your normal O2 sensors hooked upto the ECU so it can do its thing, and hook up the wideband to a gauge. This gauge would tell you if you are too rich or too lean essentially.
Where wideband comes into its own is with aftermarket ECU/piggy back tuning - because you can take the information the gauge gives you and apply it to your tune (too lean, add more fuel, too rich, take some out etc).
It is a totally different sensor...
the narrow band sensors are basically give you 3 signals, "lean" "stoich" and "rich"... wont tell you how lean, or how rich.
with the wideband sensor, it outputs a signal between 0 and 5 volts, and i think to a precision of 2 decimal places (one of the bigger ECU guru's will likely correct me on this....)....