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I work with code from many teams that are formatted differently, so a common chore everyday is to switch between formatter profiles (at least 5 mouse clicks each time). Thus it would be extremely useful if keyboard short-cuts can be assigned to individual formatter profiles. It can also be useful if there is a toolbar with a drop-down box that can allow me to visually select the profiles.
To reformat the project(s) to your liking is a bad idea as it messes up quick diff, stack traces etc. And, when committing the changes you'll have to revert the formatting (I guess). What you really want is bug 45423.
I actually want the short-cuts for the very reason you said. Each team has their own style and I have to constantly switch between the different formatter profiles to match the file I am editing. Thinking about this, instead of (or in addition to) a short-cut, it could also be helpful to have the ability to specify a formatter profile for each individual file.