J2SE Version (please include all output from java -version flag):
java version "1.6.0-rc"
Java(TM) SE Runtime Environment (build 1.6.0-rc-b96)
Java HotSpot(TM) Client VM (build 1.6.0-rc-b96, mixed mode, sharing)

Does this problem occur on J2SE 1.4.x or 5.0.x ? Yes / No (pick one)
Yes

Operating System Configuration Information (be specific):
Microsoft Windows 2000 [Version 5.00.2195]

JTextArea Preferred Size is not even close to big enough to hold it's text

import static javax.swing.JFrame.*;
import javax.swing.*;

public class Test {
  public static void main(String[] args) {
    JFrame frame = new JFrame();
    JTextArea textArea = new JTextArea(
        "Some Very Long Text that may require some wrapping to be done over more than one line");
    textArea.setLineWrap(true);
    textArea.setWrapStyleWord(true);
    frame.add(textArea);
    frame.setDefaultCloseOperation(EXIT_ON_CLOSE);
    frame.pack();
    frame.setVisible(true);
  }
}