So this website has become popular in Excel circles as of late, wanted to post here:
Online Excel Formula Formatter | FormulaBoost Excel Add-in
Basically you type or copy in any valid Excel formula and it formats it with line breaks and indentations. It also breaks down the formula into a tree view.
You can paste the formatted formula back into Excel and use it that way.
It's good for longer formulas, or deeply nested formulas.
Let me know what you think of it.
-jp