The first line of my above comment, when viewed in the comments section of my profile came to 216 characters. That is with two sidebars of whitespace each taking up 10% of the horizontal width. I have neither an especially large monitor, nor an especially small font. In fact, I have the font cranked up slightly from the norm in order to avoid eyestrain. (Ironically, when I copy and paste said first line into a word processor, at that font size it fits significantly less than 80 characters per line, which goes to show just how that 216 should be considered an understatement of the horizontal screen real estate available for most people)

In a corporate environment, it is not unreasonable to assume that the developer can have a second monitor. Sometimes you have to gasp be nice to someone in order to get it, but that is not too onerous. Hence I believe your view is outdated; in practice horizontal is much cheaper than vertical.

When printing, one should probably do a few things in order to improve the appearance on paper anyway. Examples - you might want to set the indentation depth a little less than normal, say 2 spaces. You should also twiddle the font until it looks good, or is good for purpose (there are different reasons to print out code) and you might want to concatenate several smaller classes onto a single page, or remove the 20 line header of corporate pseudo-legalese from the top of each class, or even remove the imports, or not print the getters and setters. In other words, unless your purpose is to murder trees, you will likely hand-tune the printing to optimise it, at which time you might choose to set an 80 column width - if you felt that having each page consist mostly of a thin column of text pressed up against the right hand side of the page was the most aesthetically pleasing thing.

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Run over lines do look a little bit ugly when printed I admit, this is true. However, since code is viewed 10-100x more often on screen than on paper, I believe it is inefficient to prioritise for printing (in a cart before the horse sense). Moreover, since the choice is between a little bit of ugliness when printed (inifinitely many chars per line) compared to a lot of ugliness when viewed on screen (80 char limit causing frequent line breaks, which are themselves heavily indented, which makes the run on itself more likely to spawn a run on), I prefer the lesser of two evils.