I don't think it matters either way, however I find code that isn't formatted a pain to read, a pain to comprehend, and a pain to debug.
I don't like picking up code which isn't formatted, but thats the least of my concerns. Id rather have competantly written, tested & deployed code that looks rougher than a bears backside (providing I don't have to dive in and fix faults), than wonderfully well formatted and laid out code which doesn't do what is required.
I think there is a danger of confusion, it doesn't matter but its good practice at all levels, during design, testing and maintenance. I find it especially useful in languages such as PHP, C# and the like which use brackets to start and end code blocks, but I would never insist on it. Fundamentally the the clearer the code is the easier it is to understand (or should that read the less difficult it should be...)
I prefer to break apart the SQL in
VB into separate elements eg the selects in one block, the joins in another, the parameters another. as far as the compiler is concerned its irrelevant.. The compilers bin such formatting, so its irrelevant to the codes function.
Heck if someone wants to pay me £25...40per hour to reformat their code I don't care, if they want to pay me to read their mangled code I don't care.. providing the cheque clears, thats fine by me.
if you are selling code to a third party there are tools that will deliberately obfuscate the code...