line w! rapping

[Stephen Gildea <GILDEA @ MIT-MC>]

I would like to inquire why emacs does something the way it does.
Suppose I am working on an 80-column terminal.  If I have a line which is 
exactly 80 characters long, it could be displayed all on one line.
However, instead emacs puts a ! in column 80 an the last character on the
next line.  This is annoying when editting a file containing many lines
of exactly 80 columns.  I would think the right way to do it would be to
put character 80 at the end of the line, then if I type in an 81st
character, put in the ! and move 80 and 81 to the next line.