Excel’s Formula Bar Gets a New Look

 I use indented formulae all the time and even went to the length of changing the default font for all my workbooks to Consolas in order to get monospacing.  I wasn't aware that traditional spreadsheet users employed spaces and line feeds in their formulas (I have seen 1000s of workbooks but there is always something new).  

I put your pseudo formula into the AFE and it converted  it to

=IFERROR(
    IFS(
        AND(
            This_was_years_ago,
            Someone_thought_through_it,
            Legacy_users_were_considered,
            User_choice
        ),
        "Happy",
        OR(Arbitrary = TRUE, Willingness_to_change = "Low"),
        "Sad"
    ),
    “Flawed approach”
)

with only 303 characters rather than 507.  Much better?

You do have the freedom to set the font File/Options/NewWorkbooks Arial 11 if you so choose. but maybe that functionality no longer controls the formula bar.  Then again, it wouldn't cause me much grief if the formula bar itself was removed, the AFE Grid view works pretty well.