Which way better?

[OhLordy]

Hi, I was just wondering which way of going through the following extract from a method would be better/quicker?

<?
for($i=0;$i<count($this->product_list);$i++)
{
    if($this->product_list[$i]['product_code']==$product_code)
    {
        $master_product=$this->product_list[$i];
    }
}
for($i=0;$i<count($this->product_list);$i++)
{
    if($this->product_code[$i]['product_code']!=$product_code)
    {
        if(empty($this->product_list[$i]['smallurl']) || $this->product_list[$i]['smallurl']=="awaiting75.jpg")
            $this->product_list[$i]['smallurl']=$master_product['smallurl'];
        if(empty($this->product_list[$i]['bigurl']) || $this->product_list[$i]['bigurl']=="awaiting.jpg")
            $this->product_list[$i]['bigurl']=$master_product['bigurl'];
    }
}
?>

or...

<?
for($i=0;$i<count($this->product_list);$i++)
{
    if($this->product_list[$i]['product_code']==$product_code)
    {
        $master_product=$this->product_list[$i];
    }
    else
    {
        $product_list[]=$this->product_list[$i];
    }
}
for($i=0;$i<count($product_list);$i++)
{
    if($product_code[$i]['product_code']!=$product_code)
    {
        if(empty($product_list[$i]['smallurl']) || $product_list[$i]['smallurl']=="awaiting75.jpg")
            $product_list[$i]['smallurl']=$master_product['smallurl'];
        if(empty($product_list[$i]['bigurl']) || $product_list[$i]['bigurl']=="awaiting.jpg")
            $product_list[$i]['bigurl']=$master_product['bigurl'];
    }
}
?>

If any reasons could be given I would appreciate it.
Thank you
Rob