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Is the 80 character limit still relevant in times of widescreen monitors?

I used to set a vertical line set at 80 characters in my text editor and then I added carriage returns if the lines got too long. I later increased the value to 135 characters. I started using word wrap and not giving myself a limit but tried to keep lines short if I could because it took a lot of time shortening my lines.

People at work use word wrap and don't give themselves a limit.. is this the correct way?

What are you meant to do ? Many thanks.