"bluewidget35" and "blue widget 35" arn't seen exactly the same via the search engines, though there is an overlap as there would be a partial match of the three words.
For example if you searched for "Blue" then you'd have one partial match if "bluewidget35" was on your page.
If you searched for "Blue Widget" then you'd have two partial matches if "bluewidget35" was on your page.
If you searched for "Blue Widget 35" then you'd have three partial matches if "bluewidget35" was on your page.
So essentially its not the same as having the exact search term on the page, however it will still benefit you having it there to some degree.
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