Text size and word wrap on GUI skins

I'm encountering a strange issue with the basic version of Unity, so I thought I'd pitch it to the community to see if it's happened to anyone else.

On a GUI skin, changing the font size is normally no problem on labels and boxes, but if I put word wrap on, the font size reverts to the font's default size, even if I tell it to change in the editor.

Anyone know why this is?

 

I've seen icons shrink when not enough size inside the GUI element to display it. I guess it's the same with text (kinda parasitic behavior to show all the GUIContent).

When putting the word wrap on, I guess the content gets more space for display.

If this is true, I'd never rely to this behaviour - instead I would use explicit sizing of my fonts.