I'm using vimwiki, that allows you to write links like [[wiki link ...|name link]].
If you're in edit mode and in a line with a link, then you see the real file content, otherwise you just see "name link". (In a similar fashion to the vim help |links|).
But vim, to calculate the wrap, uses the real content and not the displayed content.
I would like for vim to use the displayed characters to calculate the wrap.
vimwiki uses the relatively new conceal feature to hide parts of the link, like the Vim help does with its markup. The illusion of hidden text isn't very deep, though, and Vim commands as well as the line wrapping still operate on the full text. The core Vim implementation would need to be extended to get what you want; someone needs to write a patch (and corresponding tests).
However, it's unclear how far this should be taken. After all, Vim is a text editor, not WYSIWYG. The conceal feature is a nice convenience and optical trick, not a core feature.