I think the white space is awesome .. It helps show the conversational nature of the messages .. I personally do not want long SMS messages .. If the conversation is long, then I typical switch over to audio as it is much more efficient .. Additionally, I don't want to type that much without a keyboard
I guess I also look at is "pick the right tool for the job" .. If you want a long convo, use e-mail .. I mean it has called SHORT messaging service from the jump .. I guess I want my mobile convos to be more back and forth and not structured more formally .. Again, I see this all as preference