Doesn't work for blocks that contain nested indentation levels, but are themselves positioned from something aligned:
(long-function-name (lambda (arg ...)
(let ()
(...)))
more args ...)
That (lambda ...) doesn't start on a tab-established indentation; it's an argument to long-function-call. But inside the (let ...), it's indentation as usual. If we rename long-function-name, to something that is one character longer, the whole lambda block moves one character to the right.
If you think this is just Lisp, think again; thanks to its influence, such patterns are showing up all over the place in numerous languages.