I dunno, I regularly use vi as well to debug machines that don't have vim on them. It's annoying not to have some features of vim, but word wrapping was never an issue.
Are you sure it's not just the shell program you're using?
edit: Actually, maybe I see what you mean. You're annoyed that it's not wrapping entire words, so you see something like this
Code
The quick brown fox jumps over the la
zy dog.
That's kind of just par for the course when using very limited editors (which vi is, for all its merits; but so is practically every other super-simplistic unix editor out there). You could in theory make this less likely to happen by widening your shell window before opening vi.
This post was edited by irimi on Jun 14 2012 12:06pm