Dinarius:
Here is what Ethan Hansen posted back to me regarding Wide Gamut RGB:
Wide Gamut is a slightly smaller color space than Pro Photo RGB. PP RGB was designed to contain every color E6 film can record. Wide Gamut truncates this range slightly, but has more sane RGB primaries. Wide Gamut has the additional advantage of being a gamma 2.2. space with a 6500K whitepoint. In practical terms, it doesn't really matter which one you use.
(Ethan runs Dry Creek Photo and I expect qualifies as an expert on color management.)
Separate from the definition of what the space actually is, is the conversation about what space you should use for work. As Jack and others have pointed out, most of today's ink jet printers max-out on color gamut somehere short of Adobe RGB, depending on paper. And, as Jack also points out, images purposed for the Web cannot use more than sRGB. However, printer gamuts are getting bigger. I've read reports that the Epson 4000 actually exceeds the Adobe RGB space, at least in cyan.
So the issue is one of what archival status do you want for your work. If you convert to Adobe RGB (from raw), you are throwing away color information that may be "printable" in next generation printers. While you can convert again, in a larger color space, you would have to rebuild the file from scratch. If you convert to the widest possible space (ProPhoto or Wide Gamut RGB) you have more color information than the present crop of printers can handle and you have to tweak any out-of-gamut colors. To some extent, it is pick your poison.
Personally, I now use ProPhoto as my working space and convert to Adobe RGB on a print-only file copy if necessary. For any Web or multimedia viewing, I convert to sRGB as Jack already noted.