This hangs, and it has to do with the last two words in the text to be
too long (make columns 1 larger or body_indent 1 less and it works): 

#!/usr/bin/env ruby
require 'text/format'
require 'tex/hyphen'

puts Text::Format.new(
    :body_indent  => 15,
    :columns      => 30,
    :hyphenator   => TeX::Hyphen.new,
    :split_rules  => Text::Format::SPLIT_HYPHENATION,
    :hard_margins => true,
    :text         => "something pancakes electroencephalogram"
).paragraphs

I hope Austin Ziegler is looking...
-- 
Wybo