Having to create an auto enter calculation in order to remove formatting from a field is currently the only way to handle this issue.
For smaller solutions, this is not a big deal really, but when you start having to do this for a few hundred fields, it can become a bit of a pain. This should be a feature that is built in and placed on the Validation tab and it should be the default.
How many times have you had a user copy and paste data into a field from another source (word, web, etc) and then complain how that data looks on their screen, list view, report, etc. Having a checkbox filter to disallow carriage returns completely would be nice too, since many fields in most cases NEVER need to have more than one line of data.