SQL formatting style

I have written considerably more SQL than most programmers have. And after you've written and maintained several hundred line queries, it becomes obvious that SQL is a programming language like any other. Which means that indentation helps comprehension for all the same reasons that it would in any other language. (I'm continually puzzled by programmers who fail to grasp this, and try to put SQL statements on one line.) But what indentation style should you use?

Here are the principles that lead to my current chosen style.

1. Indentation should be in the range of 2-4 spaces. Research indicates that people can read and understand code better with an indent in that range than one which is larger or smaller than that.
   
2. When one thing depends on another, indentation should be increased. This makes the core statements obvious.
   
3. When easy, line things up.
   
4. In any list of things, it should be possible to extend the list by pasting new lines on without changing others. In a language like SQL where you can't have trailing commas, that means putting the comma before the line.
   
5. If you wrap, then operators belong at the front of lines. This makes the logical flow easy to see at a glance. (I got this one from Perl Best Practices.)
   
6. SQL is usually case insensitive, so use underscores in field names to avoid ambiguous parses of things like ExpertsExchange and ExpertSexChange.
   

And here is an example of what this looks like in practice.

  SELECT s.foo
    , t.bar
    , x.baz
    , CASE
        WHEN s.blat = 'Hello'
        THEN 'Greeting'
        WHEN s.blat = 'Goodbye'
        THEN 'Farewell'
        ELSE 'Unknown'
      END as blat_type
  FROM table1 s
    JOIN table2 t
      ON s.some_id = t.some_id
        AND s.some_type = 'wanted type here'
    JOIN (
        SELECT *
        FROM yet_another_table yat
        WHERE yat.reason = 'Subquery demonstration'
      ) AS x
      ON t.another_id = x.another_id
  WHERE s.blat = 'some'
    AND t.blot = 'condition'
  ;

If you've never thought about how to format SQL this style is likely to have a few surprises. But try maintaining a lot of SQL that has been formatted in this way, and you should find that it works out quite well.