I entirely agree that coding standards should be applied, and that it should almost always be at the team level. However there are a couple of exceptions.
If the team is writing code that is to be used by other teams (and here I mean that other teams will have to look at the source, not just use it as a library) then there are benefits to making common standards across all the teams using it. Similarly if the policy of the company is to frequently move programmers from one team to another, or is in a position where one team frequently wants to reuse code from another team then it is probably best to impose standards across the company.
