This can be a confusing subject. The truth is, there's a huge difference between "100% Whole Wheat" and "Whole Grain."
This link leads to an excellent WebMD article giving the low down on all things wheat and grain. In short, in order for a grain to be considered "whole," it must contain "all edible parts of the grain, including the bran, germ, and endosperm," so our friend Bicker not only stated it correctly, but explained it quite well. While whole wheat is better than refined white flour, whole wheat does NOT carry the same benefit as whole grains, as you'll read in the above-referenced article.
In short, the less refined the grain and the higher fiber count, the better. So in the case of whole wheat bread, you're not just looking for "100% Whole Wheat," but you're also looking for "Stone Ground" and a fiber count of at LEAST least 3-4 grams per serving.
I'd say if you're interested in reaping the benefits of whole grains, you're a heck of a lot better off eating brown rice and something than whole wheat pasta and something, as the latter is, as Bicker said, a couple of refined generations away from the real thing.