Nice! Until now I've been using

    imap <silent> <Down> <C-o>gj
    imap <silent> <Up> <C-o>gk
    nmap <silent> <Down> gj
    nmap <silent> <Up> gk

in my .vimrc to give me mousewheel scrolling in vim.

The advantage of putting it in my .vimrc is that I have mousewheel scrolling on the server no matter what computer I log in from.

The disadvantage is that I'm locked into vim and it won't work for someone using, say, emacs.