I like the idea of having a formatter but I will be difficult to implement something that will work for everyone.  I like having the commas in front of the columns as indicated above.  I also like to right justify the first keyword on a line and then left justify everything else.  This is how I would like the format to be for the above query...

SELECT col1

               ,col2

              ,col3

  FROM table1

 INNER JOIN table2 ON table2.col1 = table1.col2

     AND table2.col2 = table1.col3

 WHERE col1 = 22

     AND col2 IN (subquery)

The SELECT, FROM, INNER, AND, and WHERE keywords are right justified and everything else is left justified.

I think you would have to have a dedicated tab to under Tools->Options to make it flexible enough for everyone to customize it to their liking.