I'm not all too familiar with SQL myself either (ViEmu/SQL is the only one of my products that I don't use all the time). I've been investigating it, and it just seems Management Studio in SQL Server 2005 does not provide auto-indent at all:
http://forums.microsoft.com/MSDN/ShowPost.aspx?PostID=484209&SiteID=1
Not weird, as they don't support any type of Intellisense-like autocompletion (Red Gate software sells a tool that provides at least autocompletion and seems to provide auto-indentation too, at 200 bucks a pop! - these things always make me rethink my prices, so don't point me in their direction too much ). Here's a link: http://www.red-gate.com/products/SQL_Prompt/index.htm .
Ok, so we're down to manual indenting. Using ViEmu, you can use the '>' and '<' operators in normal mode: >> or << for a single line, 5>> or 5<< for 5 lines, >} or <} for the paragraph, V and move around plus > or < for a visual region, etc...
While in insert mode, Ctrl-T and Ctrl-D also indent and unindent the current line.
I don't know whether SQL Server 2008 fixes it (I've just made sure ViEmu works fine with it), although it's still in "CTP" status (some kind of beta).
I'm sorry the lookout is so ugly, there's not much I can do about it. Writing a parser and an autoindent service for SQL is out of my reach by now...
Regards,
- Jon