As requested by Cristobal Dabed and a few others, word-wrap support has been added to version 0.6.2 of lnav. You can toggle word-wrapping for the log file and text file views by pressing CTRL-W or by using the enable-word-wrap and disable-word-wrap commands. If you would like to permanently enable word wrapping, you can use ":session enable-word-wrap" to save the command in the session file that is read on startup.
This release also includes some fixes for issues when building/running on Mac OS X Mavericks.
I also want to say that you shouldn't be shy about filing GitHub issues or posting in the lnav google group. I won't be able to implement every feature request, but I'll do what I can to get lnav more widely adopted. Thanks for your support!