In the inspector the data formats for "stock" or typical formats is fine as an item from the a pull down list.
A new common language of data formatters needs to be established that is a simple calculation formula.
so that you can dynamically and quickly change the method of the format.
I am not sure what lexicon or syntax this should follow but something like PHP does, with case sensitive letters that establish a pattern for the data to format.
dataFormat ( self ; "Y" )
Just to get a 2016 from a date field vs having to wade thru all these dropdown to achieve the same result.
Not to mention ability to format currency symbols on numbers vs having things hard coded to the object or having to stack multiple versions of the same and use hide object when function.