These produce exactly the same query plan.
The former is the newer style, SQL-92 JOIN syntax, where the latter is "old style" notation.
There is no accounting for taste, but I prefer the newer style, as it separates the predicates used to define JOIN criteria from WHERE predicates used to select rows from the resultant JOINs. If I have a complex WHERE clause, I like to keep it focused on row selection rather than JOIN definition.
The old style begins to show problems when used in OUTER JOINS (*= syntax). There, true ambiguities can result depending on the order of WHERE clause evaluation. Removing these ambiguities was the main reason why the new syntax was proposed.
Jeff Mason
Custom Apps, Inc.
www.custom-apps.com