QUESTION: When viewing a film in widescreen are the black bars at the top and bottom covering up some of the movie? What happens to a movie when it is viewed in fullscreen? What % of the movie are you watching when playing a movie in fullscreen?

No its not covering up any of the movie because theres nothing there to begin with. Not everybody shows up in the movie like it does in the widescreen version. Only 30% of the movie is what your watching when the movie is playing in full screen.