Update [8-24-2011]: I modified the code where it should work now with non-standard connector panes. Let me know if you have any problems.
Update [11-11-2013]: Add version 2
Default shorcut is now ctrl-A
Now aligns all controls and indicators based on the default grid size (12 pixels).
Also resizes the windows to fit.
Also turns off increment/decrement visibility on numerics (you can easily edit the top level vi to disable this behavior, my rational is that they are a rarely used feature that clashes with the clean look of alignment).
Update [10-28-2014] Add version 3
1. Now fixes the label position (turning off the increment/decrement sometimes leaves the label overhanging.
2. Now moves/resizes the front panel of gloabal VIs. (instead of erroring out)
Update [5-21-2015] Add version 4
1. Now size-to-fit the block diagram if it is in focus.
2. Added clear error for increment decrement not present on numeric system controls
Update [3-2-2016] Add version 5
1. Added clear error for increment decrement not present on enum and ring system controls
Update [4-11-2016] Add version 6
1. Now respects minimum front panel size property
Install to your plugin directory if you're interested in trying it out.