Index: src/wp-includes/pluggable.php
===================================================================
--- src/wp-includes/pluggable.php	(revision 39915)
+++ src/wp-includes/pluggable.php	(working copy)
@@ -365,10 +365,6 @@
 		return false;
 	}
 
-	// Set mail's subject and body
-	$phpmailer->Subject = $subject;
-	$phpmailer->Body    = $message;
-
 	// Set destination addresses, using appropriate methods for handling addresses
 	$address_headers = compact( 'to', 'cc', 'bcc', 'reply_to' );
 
@@ -414,8 +410,9 @@
 
 	// Set Content-Type and charset
 	// If we don't have a content-type from the input headers
-	if ( !isset( $content_type ) )
+	if ( ! isset( $content_type ) ) {
 		$content_type = 'text/plain';
+	}
 
 	/**
 	 * Filters the wp_mail() content type.
@@ -429,15 +426,21 @@
 	$phpmailer->ContentType = $content_type;
 
 	// Set whether it's plaintext, depending on $content_type
-	if ( 'text/html' == $content_type )
+	if ( 'text/html' == $content_type ) {
 		$phpmailer->IsHTML( true );
 
+		if ( false !== strpos( $message, "\r\n" ) && false === strpos( $message, '<br' ) ) {
+			$message = nl2br( $message );
+		}
+
+		$message = preg_replace( '/<(http.*?)>/', '<a href="$1">$1</a>', $message );
+	}
+
 	// If we don't have a charset from the input headers
-	if ( !isset( $charset ) )
+	if ( ! isset( $charset ) ) {
 		$charset = get_bloginfo( 'charset' );
+	}
 
-	// Set the content-type and charset
-
 	/**
 	 * Filters the default wp_mail() charset.
 	 *
@@ -447,6 +450,10 @@
 	 */
 	$phpmailer->CharSet = apply_filters( 'wp_mail_charset', $charset );
 
+	// Set mail's subject and body
+	$phpmailer->Subject = $subject;
+	$phpmailer->Body    = $message;
+
 	// Set custom headers
 	if ( !empty( $headers ) ) {
 		foreach ( (array) $headers as $name => $content ) {