yes, but that's when you type, not when you open someone else's code!
you could reformat the entire file that way by doing :ggvGgqi, but it does crazy things sometimes. Too dangerous.
I found that IDEs are just better to read other people's code (surprised to say that myself!). Go to function definition, find usages etc... it's better.
I found IDE nirvana in NetBeans... it's absolutely genial.
That, and the fact that I have decided not to look at php code, and use ruby instead