[Orgmode] latex wrap

[hello world]

Hi all, 

having only used latex before: is there a way to prevent 
emacs/org-mode---upon pressing M-q---to wrap a paragraph

bla bla
\begin{equation}
1+1=2
\end{equation}

into 

bla bla \begin{equation} 1+1=2 \end{equation}

Can I make org-mode more aware of latex constructs? A different font-face 
would also be really nice! I just like the M-q command. It's like the C-j of Pine. 
(I know, there's auto-fill-mode in emacs).

cheers,
josef