I think this is just toy-example syndrome. In my experience the real-world example looks more like this:

  f(X) ->
    X1 = foo(X, "Blah blah blah", true, :definitely, :ack),
    X2 = fab(X1, X, sizeof(X), X-1, bar(X, "martini"), :with_bells_on, :pdq),
    X3 = bar(X2, "fim tim lim bim whim bim bus stop"),
    baz(X3).

Try chaining that and see how readable it is.