When I open a new line (via \'o\') my cursor jumps to a correctly indented position on the next line. On the other hand, entering insert mode while my cursor is on a blank l
On an empty line, to enter insert mode correctly indented, you can simply use s.
Note that s is a synonym for cl, so if you're not actually on an empty line, it'll end up deleting a single character and not indenting. In that case, you're better off using cc, as sml suggested some 18 months ago. But I've frequently improved my score at VimGolf by using this shortcut, so thought I'd mention it. ;)