We don’t disqualify based on formatting, although it's stating the obvious to say that with competition fierce you are doing yourself a disservice by not formatting your script properly.
The more even and smooth the read, the better.
In terms of page lengths you can go over the industry norms specified here but, again, be warned that a) you'll be charged an extra $2 per page you run over and b) you won't endear yourself to industry readers.
Here is a good guide to screenplay format.
You can also take a look at Final Draft writing software and its competitors.