w3m with relevant options to dump formatted page to standard output, then pipe the standard output to
less command. However, no such options in w3m configuration file.
Manual page w3m(1) has mentioned the following options.
-dump dump formatted page into stdout
specify column width (used with -dump)
To set column width at 72, use those options like this:
w3m -dump -cols 72 [URL or filename]
-dump option produce standard output, you can't really do normal browsing (w3m will dump formatted page and exit). Pipe to
less to browse the formatted page.
w3m -dump -cols 72 [URL or filename] | less
The last one-line command is all you need.
Normal browsing by w3m
Formatted page browsing by w3m and less
Notice that first-half of the page is wrapped nicely within the column width specified. The screenshots above are browsing this article: w3m on Wikipedia.
-dump option will remove the hyperlinks all together when producing the formatted page. If column width is the only criteria that you need, this option will suffice. Besides this, I am not aware of other ways to also preserve the hyperlinks.