[lmm]

I think it does. Carefully maintained manual formatting takes too much programmer effort. If you open a file to actually work on, you should be permitted to hit the autoformat button without thinking, because then formatting becomes something you just don't think about. It's not as good as good manual formatting, but it's good enough, and frees up mental resources for more important things.

[samuellb]

I'd say this depends on the project and the developers. In some projects reading code is done a lot more often (and by more people) than actually writing code, so then you might want to spend more time on e.g. formatting, documenting, etc..