Only rarely is the vertical alignment useful because mostly code isn't read vertically. Used in moderation, the reverse Christmas tree style used in the Linux kernel can be as good for readability (sorted longest to shortest). For some constant structures a reordering of fields to put the variable length element at the end of the line removes the need for padding space (like in the output of `ls -l` where filenames come last).
A common indentation style for continuation lines is to align with the start of arguments to the function. I've never seen the sense of this variable amount where indentation after a while is much more than after an if. Double the normal indentation for continuation works well in languages where line continuation isn't otherwise distinct from normal blocks.