Text component seems to fail wordWrapping after its style is removed at runtime. Especially if the style also removes fontFamily value.
The solution is to force wordWrapping as the last action before the component is visible. For that I set the textField value of wordWrap to true on updateComplete event.
<mx:Text id="lrgTxt" text="text that normaly would wrap
after it is launched!" color="#FFFFFF" width="760" fontSize="15"
updateComplete="lrgTxt.mx_internal::getTextField().wordWrap=true"
paddingLeft="11" styleName="iL" leading="7"
fontAntiAliasType="advanced" fontGridFitType="pixel"/>
/* the removal of style is as follows:
StyleManager.clearStyleDeclaration(".iL", true);
*/
+