I just found this updated version of gedit-folding:
http://code.google.com/p/gedit-folding/issues/detail?id=4
Just download folding.py and folding.gedit-plugin and save them in ~/.local/share/gedit/plugins , then turn on “Simple somersault” under “Edit”> “Settings”> “Plugins”.
To use, go to the beginning of the block and press Alt + Z. I gave it a quick test with Python, Javascript and HTML files, and it seems to have destroyed most of the blocks, except for multi-line lines and comments.
It's not perfect, but it's better than nothing, I think.
Update: I just tested it with badly indented code. Bending seems to be based only on indentation.
source share