Huh, I had assumed this was old behaviour. I didn't realize this was
new with 9.3.
Considering the thread "pg_get_viewdefs() indentation considered
harmful" I'm beginning to think this was a regression. It results in
some dump files being unnecessarily large and the pg_dump consuming
too much memory and crashing.
Tom liked my suggestion of doing the indentation modulo 40. There are
plenty of other suggestions that can work too, giving up on
indentation after an indent of 40, switching to an indent distance of
1 if it's more than 10 levels deep, and so on. I think it doesn't
really matter which we choose but we have to do something. And given
this is new behaviour in 9.3 perhaps it should be backported too.