If we had one of these, we wouldn't be having this discussion! ;-)
But seriously the issues that people have raised in their answers are quite legitimate. However the original poster was not arguing against a limit, merely that 80 columns is too few.
The issue of emailing code snippets has some merit. But considering the evil things that most email clients do to pre-formatted text I think that line wrapping is only one of your problems.
As for printing I usually find that 100 character lines will very comfortably fit onto a printed page.
