"Limits all the lines to a maximum of 79 characters" - what am I, a farmer with an 800x600 VGA CRT?
Long lines are also bad for readability – too much happening in a single line. If you have a very long line, either your names are too verbose, you need to break up your logic into easier to follow steps, or you need to write a function definition and give the logic a name.
79 character lines are arbitrary, but a short line length limit follows directly from the Zen of Python.
It also says that if your team can agree on a longer length, it's okay to increase it.
(That said, I prefer 100 columns: two 100 column files fit perfectly next to each other on my screen.)