Joel's Best Software Writing antology starts with Ken Arnold's interesting and provocative essay "Style is Substance", from Ken's post you can also read here. It's a well-argued essay with the thesis, and I quote, that "the only way to get from where we are to a place where we stop worrying about style is to enforce it as part of the language".
It's the only essay I've ever read that proposes that languages' compilers should lock down every aspect of style (your idea about locking down amount of indentation, for example, would be part of that -- not just in Python, either... Ken's main past contributions are Jini, curses, javaspaces, rogue, and parts of Corba, nothing Python-related). It makes really good points, and in the online version's comments you can see some counterpoints (alas, not necessarily equally well argued).
I do find it ironic that one responder talks about "Fortran and its strong formatting rules"; that sounds like somebody who never used Fortran, or used it with very shallow and marginal understanding of it. How many languages do you know where you can write, for example,
total count = 1 000 000
...? In Fortran, you can! The spaces are irrelevant, and ignored by the compiler, inside both identifiers and number literals, so you don't have to use underscores or camelcase to make multiword identifiers usable (just use spaces between words!) and it's easy to make large numbers readable too. Some languages did adopt this kind of rules, but most forbid spaces within identifiers and numbers.
Of course style flexibility always comes with risks of errors, e.g., in Fortran's case,
DO 10 I = 1. 5
assigns to variable DO10I
the number 1.5, while the almost-undistinguishable
DO 10 I = 1, 5
loops five times on the block from here to line 10 (I believe a real-world occurrence of a bug like this one -- dot instead of comma drastically changing the code's meaning -- once damaged a space mission, but don't recall the exact details).
So, please don't take Fortran as an example either for or against "locking down", because in many stylistic aspects it's so incredibly loose instead!
Some examples of lockdown include modern languages that take e.g. case conventions and make them enforced parts of the language (uppercase initials for classes, etc) -- I believe Ruby at least warns about this and some other languages actually give compiler errors if you (e.g.) name a class with a lowercase initial or a non-class with an uppercase one. I think the resulting enforced uniformity is a good thing, and I don't see why it should be different where the enforced aspect of style is spacing rather than casing, etc. IOW, Arnold has mostly convinced me about this;-).