I hate 2-space indentation. It's weird. It makes the code look less readable and every other more or less popular programming language uses 4. I see no reason why Ruby code needs to look like a narrow, dense spaghetti because of this stupid "rule".
There is nothing in the language that justifies this awkward feature: Ruby isn't excessively nested and an average line length is short.
This language looks beautiful when properly indented with 4 spaces. I've heard from a couple of Pythonista friends that Ruby looked to much Perl-like to them, I suspect some of it can be attributed to this tradition of fucked up indentation.
Before reading open source Ruby code I always reformat it properly: just a hotkey in vim.