OK, I'm looking for feedback from the community at large. In a recent development meeting one of our new developers made the following (paraphrased) comment about cleaning up existing code:

I'd like to, when we can, rewrite a lot our display code. There are a lot of unnecessary tabs and spaces. With several thousand open sessions, this is a lot of unnecessary data being transmitted back to the user, chewing up our bandwidth. I like to keep my opening and closing tags on the same line, most of the time, and eliminate the unneeded space.

While I can see the argument he is trying to make, I personally disagree. First of all, we have a large legacy codebase, with heavily nested table layouts. While I can see replacing tables for non-tabular data, I think the indented code makes it much easier to read, adjust, and maintain. I do the same for most block level elements. And, I absolutely use it within the programmatic (ColdFusion, ActionScript, JavaScript, etc.) code. I believe in whitespace suppression (enablecfoutputonly="true"), but I don't agree with eliminating readability.

Am I the only developer who sees the value of indenting their code? Or, am I just holding on to archaic coding practices pushed upon me by some professor or another? Does my gain (maintainability/readability) outweigh the overhead implied? What are your thoughts?