IntelliJ IDEA 11 ("Nika") goes BETA - grab it from here. For details and everything new in IDEA 11 see the detailed changelogs.
This release incorporates a couple of performance improvements as well as fixing some smaller bugs.
NOTE: It seems this functionality is currently throwing exceptions. Please don't report them, watch http://youtrack.jetbrains.net/issue/IDEA-77159 concerning this known bug.
Now you can reformat your expressions instantly using the common "Reformat Code" functionality. To reformat, use intention "Edit OGNL fragment..." and run "Reformat Code" from there.
Settings for required whitespaces will be taken from the ones defined for Java, there might be a dedicated formatter settings tab for OGNL later.