Fullscreen vs WideScreen

• When viewing a film in widescreen are the black bars at the top and bottom covering up some of the movie?

no, they are just put in to maintain the aspect ratio of 16:9.

• What happens to a movie when it is viewed in fullscreen?

It cuts off the edges of the movie so you see less of the picture.

• What % of the movie are you watching when playing a movie in fullscreen?

About 70%, especially for movies filmed in 2.35:1 aspect ratio. The center of the picture is bigger but the sides are cut off a little bit.