Just upgraded to Subclipse 1.2.1 using the Update Manager based on the recommendation in a comment on the blog to solve my word wrap issue. Since I upgraded from a version 1.1.x release I had to follow the upgrade instructions which is why Subclipse hadn’t already upgraded it self (I regularly run the update manager).
In my quest to find a way to automatically wrap commit messsages in the Subclipse SVN plug-in for Eclipse I found a description of some of the properties that are used to control the commit message dialog. Unfortunately it looks like there is no way to wrap the lines in the commit message dialog although no linebreaks are inserted. Bummer!