Red Gate's SQL Refactor is something I was wondering about some time ago. Red Gate found my post and left me a comment about their new product.
It's out now for some time so I gave it a spin. It does several refactorings, but just some of them could be considered true code refactorings. But I can imagine using others too. I spent most time fiddling with formatting settings. Although their are fairly detailed I missed right aligned keywords which I'm quite fond of.
It's a nice tool that I would use if it couldn't cost almost $300. I prefer their price of SQL Prompt.