Well, I think if a commercial loaf of bread says "100% whole wheat," they ARE doing themselves a favor, and the bread will be about as good a choice as any other starchy carbohydrate. "100% whole wheat" means that all whole wheat flour, no white flour with the bran and germ removed, is used to make the bread. "100% whole wheat" WILL be high in fiber, or else the 100% label is lying. And it WILL be much higher in vitamins and minerals, particularly magnesium, then white bread would be.
I've never seen a commercial loaf of 100% that I thought was bad, after reading the label. Most 100% breads will add honey. Honey complements the strong, slightly bitter flavor of the bran and germ, and holds moisture. A little bit of oil improves the texture as well. Some loaves will use "dough conditioners" like ascorbic acid, which greatly improves the rise and thus the texture. None of these ingredients are bad for you, in the small amounts added to a loaf of bread.
An interesting trend I have seen in commercial baked goods is the addition of fiber to everything and the advertisement of fiber prominently on labels. For example, there is some major brand of fiber-enriched bread, I forget the name, with taste and texture similar to white bread. It seems too good to be true. I notice the ingredients include inulin, a soluble fiber, and other similar isolated soluble fibers. I believe that foods with these added soluble fibers will NOT have the same health benefits attributed to WHOLE WHEAT, because I believe that most of the benefits of whole wheat come not from the fiber, but from the antioxidants in the bran and germ. So I don't think that white bread with a tiny bit of whole wheat flour added, and then inulin or similar added to boost the fiber grams, has the same antioxidant health benefits of whole wheat.
I think the same thing about olive oil. Olive oil is believed to be healthy, but people don't always like the taste of extra virgin. So producers come up with ways to product EVOO with a neutral taste. Well, I bet the health benefits are mainly in the green polyphenols that have the strong taste, NOT the monounsaturated fat molecules themselves. I doubt that neutral-flavored, light-colored olive oil, even if extra virgin, has all the same health benefits as the green stuff.