> def wrap_paragraphs(text, width=70, **kwargs):
>     return [line for para in text.splitlines() for line in textwrap.wrap(para, width, **kwargs)]

I just want to point out that, at least for the purposes of this issue, I don't believe the above is equivalent to what we want.  For example--

>>> wrap_paragraphs('a\n\nb', replace_whitespace=False)
['a', 'b']

With replace_whitespace=False, we want to preserve newline information, which would instead mean a return value of--

['a', '', 'b']