As you are likely aware effective as of January 1, 2007, new California legislation went into place that extended the reporting period for DUI offenses from 7 to 10 years for all public requestors, including insurance companies.
Under the new law, any DUI violation under California Vehicle Code sections 23140, 23152, or 23153 will report for 10 years. There are some other non-DUI violations (e.g. 23103.5 "wet" reckless) that will report to courts and law enforcement for 10 years and may count against you for the purpose of determining increased penalties for repeat offenders, but will continue to show on a public driving record for only 7 years.
So the new law does effect a wet reckless offense however it appears a wet reckless is better for you than a DUI in the sense that it will only show to your public driving record (the one employers and insurance companies see) for 7 years though the state of California can continue to count it against you for 10 years.
You can contact the CA Department of Motor Vehicles (DMV) for more information regarding your driving record and how the wet reckless offense affects it.