I complained about the same thing when SQLyog 5.0 was released, but it was explained to me that this is basically an issue with MySQL – and not SQLyog!
There is no way to get a nicely formatted VIEW definition returned by MySQL as it is with a Table.
We have been 'counting on' that MySQL would realize that there is a need for this! Actually they have improved a little with Stored Procedures since the first MySQL 5.x release..
We will not spend our own time with this .. at least not for the foreseeable future. But maybe we should consider to 'push' MySQL a little in that direction!