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Chrome developer tools has this feature built-in. Bring up the developer tools (pressing F12 is one way), in the Sources tab, the bottom left bar has a set of icons. The "{}" icon is "Pretty print" and does this conversion on demand.
UPDATE: IE9 "F12 developer tools" also has a "Format JavaScript" feature in the Script tab under the Tools icon there. (see Tip #4 in F12 The best kept web debugging secret)
If you have a Mac and TextMate - An easy alternative for formatting Javascript is: