No difference in semantics and no measurable difference in performance. Write whichever is clearest.
For simple examples like:
var first= 'foo', second= 'bar', third= 'bof';
the concise single-statement construct is probably a win for readability. On the other hand you can take this much too far and start writing half your program inside a single var statement. Here's a random example plucked from the jQuery source:
var name = match[1],
result = Expr.attrHandle[ name ] ?
Expr.attrHandle[ name ]( elem ) :
elem[ name ] != null ?
elem[ name ] :
elem.getAttribute( name ),
value = result + "",
type = match[2],
check = match[4];
I find this (by no means the worst example) a bit distasteful. Longer examples can get quite hard to read upwards (wait, I was in a var statement?) and you can end up counting the brackets to try to work out what's a multi-line expression and what's just an extended var block.