Wideband O2 sensors have a volt range of between 0 and 5 volts, while narrow band sensors only have 0 to 1 volt. The wideband sensors are more accurate at reading precisely where your air/fuel mixture is. (numerically, usually between ~10:1 - 16:1 AFR)
The narrow band sensors can have a gauge attached (e.g. the old Autometer ones) that will just 'bounce' from rich to lean as the ECU makes adjustments. Wideband O2s will give you a more consistent reading based upon your current AFR. This can help you tune to you desired AFR, which could be something like 13.2:1 (stoichiometric) for NA motors, or lower for boosted motors... depending on your application and tune requirements of course.
There are several wideband O2s to choose from. AEM, Autometer, and lots of others make them. I have a dual channel AEM in my car, and it works great - but I chose the AEM because I also have one of their ECUs in my car. There are other systems that work as good or better.
Paul.