I fully agree with the sentiment, and especially with treating SQL code as code, because it really is code. My style differs in 4 regards:

1. "join"s are at the same level as "from", and the contents of from/join are indented

2. prefer tuple comparisons of multi-comparisons, i.e. "(a,b)=(c,d)" instead of "a=c and b=d"

3. operators auch as "and" are at the beginning of a line, as in style guide of almost all other programming languages, too

4. the contents of "order by" and "group by" are also indented, the same way as the "select" columns

Example:

    select
        t1.col1,
        t2.col2,
        t3.col3
    from
        table1 t1
    join
        table2 t2 on t1.col2 = t2.col1
    join
        table3 t3 on (t3.col3,  r3.col2) = (t1.col3, something_else)
    where
        t1.col1 > 0
        and t2.col2 <> t1.col4
    order by
        col2 asc,
        col1 desc
    limit 100