I'd really like to see this as well. so I'd have:

DECLARE
~~~~@VariableOne~~~~~~~~~~~~~~VARCHAR(50)~~~~~~~~= NULL
~~~~@VariableTwo~~~~~~~~~~~~~~INT~~~~~~~~~~~~~~~~~NULL
~~~~@VariableThree~~~~~~~~~~~~VARCHAR(50)~~~~~~~~NULL
~~~~@VariableLongername~~~~~~~VARCHAR(50)~~~~~~~~NULL

Sorry, I realize the above is not exactly aligned, but this is best I could do in this forum post.

The idea being that all the variables are aligned, their types aligned, and their default values aligned. It obviously would need to somehow determine the longest variable name, and default to 4 spaces (or similar) after that for the starting position of aligning the types.

Would like it to further format other things in this similar fashion: i.e. for SET statements:

SET @VariableOne~~~~~~~~= NULL
SET @VariableTwo~~~~~~~~~= NULL

etc.

I'd suggest a 4th column which would contain default constraints, identity definitions and collation information:

CREATE TABLE dbo.fred
~~(
~~~~field1~~~~INT~~~~~~~~~IDENTITY(1,~1)~~~~~~~~~~~~~~NOT~NULL,
~~~~x~~~~~~~~~VARCHAR(10)~COLLATE~DATABASE_DEFAULT~~~~NOT~NULL,
~~~~field123~~INT~~~~~~~~~CONSTRAINT~df_123~DEFAULT~6~NOT~NULL
~~);

I agree. I would also like to see the NULL/NOT NULL words aligned in a third column. The CREATE TABLE statement would then visually lay out in three nice columns: the first is the column name (as wide as longest column name), the second is the datatype (as wide as the longest datatype), and the third is NULL/NOT NULL.

Again, this is hard to send across the web, which strips out the whitespace.

Annoyingly the white space was removed from my suggestion :(
I would like to see the example laid out as:
DECLARE @MyExample TABLE
(
MyCol1 ---------INT ,
MyOtherCol ---VARCHAR(10)
)
Where the - would be a space character (or tabs, depending on user preference)