I'm adding some screen shots to illustrate the issues. The first one - you'd think, wouldn't you, that you'd have a nice 1/4" offset to the left and top of that photo, no? And note the caption text box on the bottom - see where the text is? For unknown reasons, there is an offset on the bottom, where there isn't supposed to be any. And then there is the second screen shot - the ONLY way I could get any left offset was to add some on the right. And yet, on another photo on a different page, with all the same settings as the first one here, the wrap does work.

And btw - changing the "both sides" to "largest side" and back again did nothing at all. It still wasn't working as it should be.