I wrote an article saturday on visual programming which is very related to this, but my thinking is the opposite of this article.
Raw text is amazing at smaller scales. The ability to apply a bunch of intermediate incorrect transformations to reach a valid destination is invaluable (like doing a bunch of hacky find/replace).
Projectional editors like JetBrains MPS have tons of disadvantages vs text, and the few advantages don't make up for it.
Formatting is a silly problem to have, but far beyond that why are we manipulating text files directly rather than editing a live program (ala Smalltalk). Text can just be the on-disk serialization format you never look at.
(Raw text is still how you edit individual functions and methods in Smalltalk, there just isn't any actual text file on disk)