There is no difference to the sql query engine.
For readability, the latter is much easier to read if you use linebreaks and indentation.
For INNER JOINs, it does not matter if you put "filters" and "joins" in ON or WHERE clause, the query optimizer should decide what to do first anyway (it may chose to do a filter first, a join later, or vice versa
For OUTER JOINs however, there is a difference, and sometimes youll want to put the condition in the ON clause, sometimes in the WHERE. Putting a condition in the WHERE clause for an OUTER JOIN can turn it into an INNER JOIN (because of how NULLs work)
For example, check the readability between the two following samples:
SELECT c.customer_no, o.order_no, a.article_no, r.price
FROM customer c, order o, orderrow r, article a
WHERE o.customer_id = c.customer_id
AND r.order_id = o.order_id
AND a.article_id = r.article_id
AND o.orderdate >= '2003-01-01'
AND o.orderdate < '2004-01-01'
AND c.customer_name LIKE 'A%'
ORDER BY r.price DESC
vs
SELECT c.customer_no, o.order_no, a.article_no, r.price
FROM customer c
INNER JOIN order o
ON o.customer_id = c.customer_id
AND o.orderdate >= '2003-01-01'
AND o.orderdate < '2004-01-01'
INNER JOIN orderrow r
ON r.order_id = o.order_id
INNER JOIN article a
ON a.article_id = r.article_id
WHERE c.customer_name LIKE 'A%'
ORDER BY r.price DESC