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Someone should correct me if I'm wrong but... Check your Convert - Look&Feel page. If the 'Smarten punctuation' box is checked then both dot-dot-dot (3-char) and dot-space-dot-space-dot (5-char) will be converted to a single char ellipsis in the converted file. The visual appearance of the single-char ellipsis will depend on the font face used in the ereader application.
As far as I know Calibre respects the non-breaking-space entity. What I don't know is whether dot-nbsp-dot-nbsp-dot will also be converted to a single char ellipsis if 'Smarten punctuation' is checked.
As far as line-breaking at an ellipsis is concerned, I would think the reading application would decide that.
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