I ended up being a little too concise. If there are any doubts about the 3 codes and the error, here I will explain the situation a little better.
On "mIRC 7.63 $wrap - Here is expected behavior", it's $wrap being used, but not preserving the control codes, as this was the normal behavior in version 7.63. Remember that in 7.63 the $wrap syntax was: $wrap(text, font, size, width, [word,] N), "If the optional word parameter is 1, text is wrapped at whole words (which is the default).". Well, this is the case of the first print and the first case. It is used for illustration purposes only and does not imply that there is a problem with it.
On "mIRC 7.63 $wrap2 (available here
http://hawkee.com/snippet/17956/) - Here correctly preserves the control codes", the code provides a $wrap2 that uses the $wrap to make the cuts. This code is part of the report to demonstrate how the $wrap should be preserving the control codes. That is, it is expected behavior when $wrap preserves control codes. See the last line of the print, the background is white, just like the original line that was printed in full.
On "Finally, mIRC 7.72 $wrap", the code used is practically the same as in the first case, but as the $wrap syntax has changed, now it is $wrap(text, font, size, width, biptw, N), some additions were needed for bold and italics. The print shows in the last line a gray background and a bold that shouldn't be there, to check it just see the first line of the print, in which the entire line is printed without cuts.
These are three different codes, but necessary as the behavior of mIRC in 7.63 and 7.72 (7.64) has changed to $wrap. Since $wrap2 is just to illustrate how $wrap is expected to look while preserving control codes.
I hope I clarified everything better now.
