If you dislike vim jumping over all lines when you have a line that wraps, use gk and gj to move up and down. If you want to map these to the up and down arrows, add the following two lines to your .vimrc file:

nnoremap <up> gk
nnoremap <down> gj

Fortunately, doing this does not make it so that gk and gj are inserted when in insert mode. Up and down return to their normal mode.

To have up and down have the same behavior in insert mode add the following to your .vimrc file:

inoremap <up> <C-o>gk
inoremap <down> <C-o>gj