In some SQL engines the second form (associative joins) is depreicated. Use the first form.
Second is less explicit, causes begginers to SQL to pause when writing code. Is much more difficult to manage in complex SQL due to the sequence of the join match requirement to match the WHERE clause sequence - they (squence in the code) must match or the results returned will change making the returned data set change which really goes against the thought that sequence should not change the results when elements at the same level are considered.
When joins containing multiple tables are created, it gets REALLY difficult to code, quite fast using the second form.
EDIT: Performance: I consider coding, debugging ease part of personal performance, thus ease of edit/debug/maintenance is better performant using the first form - it just takes me less time to do/understand stuff during the development and maintenance cycles.