Text should be written for this concept of the web as a skimming medium. Web text should always be much shorter than it's print counterpart. If I maximize my browser window, I've reduced the amount of scrolling I have to do. I have a psychological need to see an entire web page. I think other people are like me too.
Breathable pages are inheri ntly more difficult to design.
Don't adhere to a design philosophy just to make your life easier. If they have a big monitor and they want to use it, they can. I've seen it happen, and that's why I design pages that expand or contract to the width of the browser window instead of fixed width pages.