Aha! Once more the CrashMasterâ„¢ lives up to his name ;)
Since I've edited it after posting I thought at first that the edit script has "hard" wrapping but that is not the case. From the page source it looks like it has (br) tags embedded in the post. Moreover, the textarea I'm using is much wider than that and the showflat.php script is displaying the post just fine. I guess this is related to the php wrapping feature: in 5.4.1 showflat has the line that is supposed to do the wrapping at 75 characters commented out, while showthreaded has it uncommented. An explanation could be that Scream was using a php version prior to 4.0.2 and he updated to a newer one and the code in showthreaded kicked in?
PS. This _definitely_ looks like wrapping done at 75 characters so it must be the php wrapping feature.