http://java.sun.com/docs/codeconv/html/CodeConvTOC.doc.html
depicts Java Code Conventions, including spacing etc...
I would like to suggest that IDEA by default ship with a code style called Sun Java Code Convention (or something like that) so people can choose it and not have to spend time setting it up. There are many differences between the Default and this Convention, one of them being that the convention allows you to wrap, but with specific details on how to wrap, and Default does no wrapping. Default has different spacing as the convention as well.
Would be happy to provide an export if it helps.
Thanks
R