Interesting (and at times infuriating!) thread. However, I think the question is ultimately futile.
Here’s my take on it.
In the real world: yes, of course the aeroplane will take off. Sure the wheels will spin like the blazes, but the power of a jet engine is just going to force the plane forward and there will never be enough friction between the tyres and the conveyor belt to prevent it reaching take-off speed. I wouldn’t like to try and land the plane afterwards though, as its landing gear will not be in a pretty state.
In the theoretical sense: the problem is meaningless. http://en.wikipedia.org/wiki/Irresistible_force_paradox
The conveyor belt is effectively an irresistible force. Why? Because, by definition, it can accelerate arbitrarily to match the speed of the wheels. F=ma. If a is arbitrarily large, F is also arbitrarily large. Ergo, F is effectively infinite. That is an irresisitible force.
And equally, the aircraft is now an immovable object. Huh? But I thought you just said it would move and take off? Yes I did, but that was in the real world, remember.
The aircraft is an immovable object because it has to be to satisfy the restriction in the question. (Assuming of course that the belt is matching the rotation speed of the wheel.)
If the conveyor belt is moving backwards at velocity v, and the wheel is rotating forwards at velocity v, the plane is not moving, by definition, assuming of course that the wheel is not sliding (which it would in the real world as I said above).
So basically, all this question represents is a rehashing of the age-old irrestible force/immovable object “paradox”, which is not really a paradox at all:
an irresistible force, such as our putative conveyor belt, would represent infinite energy, and therefore, by Einstein, infinite mass.
There - you’ve just caused the universe to collapse in on itself into a singularity, just for a stupid prank with an airplane. Bet you feel kinda dumb now, huh?