Simple,

When writing in a text box like I am now, there are several modes of "wrap". Can anyone tell me the differences between them all?

Explains it better than I can (with examples):
http://www.pagetutor.com/pagetutor/forms/lesson10.html#textarea

That tutorial says you can have "soft" and "hard" wrapping. I've always used "virtual" and "physical". Which one's the latest specification?

Good question. Maybe post it at sitepointforums.com and see what they say. I've always used soft/hard, so maybe both work?

Well they certainly both work, so I'll stick with my virtual/physical (sounds more professional :)).

Although I can understand why you'd use soft/hard Chicken, kind of goes with the whole chicken/egg thing :D

LOL... yes I suppose it does. Virtually or physically boiled? Don't think so. :)

As far as know know, the "wrap" attibute has never been valid W3C HTML and is still not, as it was felt that Browsers should be allowed to determine some things and add to their individuality. Although there are many way to say it, I have found that in the last 5 years of coding "on & off" work just as well as anything else, with any Browser, and just seems easier for me to remember. Could probably use "0 & 1" and it would work! :D

These textareas seem like clever chaps. Sounds like they're beginning to show signs of emotion and interpretive thought!

The only annoying thing I find is that Netscape defaults to wrap="off" (or whatever you like to use) whereas IE defaults to wrap="virtual" (or whatever you like to use).