This is a matter of personal taste. I am very happy with EmEditor’s current way of highlighting the current line.
On the other hand, I agree that it is difficult in EmEditor to identify wrapped lines. Sure, you can see it by means of the missing line numbers, but that’s not a good solution.
My suggestion would be that EmEditor adds line wrap indicators to each wrapped line. You can see an example in the first screenshot here: http://iany.me/2012/02/css-line-wrap-indicator/. This solution has also another advantage: You can see for all lines whether they are wrapped or not, not just for the current line.