It's true that the GEDCOM format does not support styled text (bold, italics, font choice, etc.), but it certainly supports line returns, blank lines and multiple consecutive spaces, which is by far the most important kind of "formatting" that people are asking for. (It even supports tab chars, using the ASCII encoding, although it does not support tab stops, so using multiple spaces is probably a more reliable way of indenting lines.)
Also, all GEDCOM tags that allow free text support the "CONT" tag to extend the text beyond the max line length.
So the lack of GEDCOM support for styled text is really no reason to not add "white space" support inside notes and comments.