Still not sure if I like it, but squeezing proportions doesn't only allow more characters on a line: in editors that support split views, it allows you to view 80 characters per line side-by-side in two files on screens that aren't as wide, plus fit your file browser on the left (again, if your editor has one). There are definitely uses.

Not sure how the font being narrower results in less lines on a screen, though. I doubt the font height is greater.