Coding standards can be just a management shortcut to avoid actually managing a team. It's a lot easier (and less confrontational) to just "turn on" the automated tool on a developer's output than it is to actually evauluate them, and their work, and make decisions, and then act on them. It also deflects the confrontational issues from yourself as a manager, to the "rules". I guess in a way it's unavoidable, as making judgments about people and acting on those judgments maturely and productively is a rare talent, not a common one. But to me it's a clear sign of a poorly managed team when I see a manager who does not evaulate the quality of his/her team, or the code they produce, but instead relies on absolute rules or automated tools.
That's not to say that anything goes... Developers and the code they produce must be managed. But way better is to evaluate them and their code individually, on the real end game quality aspects that matter. Which ones matter depends on the situation. The aspects that can be important include maintainability, readability, extensibility, as well as performance, or "slickness". If it's a framework for use by other developers down the road, a whole other set of considerations should apply. Useability, cogent and clear method naming and namespace organization, internal Xml documentation (for intellisense). Take the time to personally (use the better "star" members of your team to help, but you as the manager should make the final judgment, and deliver the message). Evaluate each member of your team and their work, on these real aspects, the ones that matter. Give them honest feedback on your judment and the opportunity to correct and improve the quality of their work. And take the appropriate actions when they cannot.
And don't fall into the trap that it's ALWAYS more readable when it conforms to the absolute standard established in some document. "Standards" established to improve readability 10 years ago, when IDEs were all monocolor, don;t apply the same today when code editors are intelligentlyu color-coded. Naming conventions designed before intellisense existed don;t quite accoplish whjat they were designed for when using modern IDEs.
If you do establish standards, try to ensure that they are minimuims, not absolutes... To those who regularly and habitually produce exceptional code, it's annoying to have to "dumb down" or reduce the quality of your code, simply to meet a "standard".... So, you have to either be willing to make exceptions, (how does the rest of the team react to that?) or write your "standards" definitions (and your automated tools that eveluate the code) so that code that violates them in the "better" direction is not flagged as a violation. Not so easy... What actually happens in practice is that the manager "ignores" the "violations" by the stars on the team, and everyone else either gets resents it, or gradually, no one folows the rules at all. (Why should I do it that way -- He doesn't have to")