I think the editor has a lot to play a part, as well as personal preference.
I know that in PHP Support Tickets (v1.9) the original coder wrote his code as:
IF($foo)
{
IF($bar)
{
echo 'BAR!!';
}
ELSE
{
echo 'No BAR';
}
}
I know I personally like the whole
if($foo)
{
echo 'FOO';
}
syntax, but it really doesn't matter any more.
Now, I used to use a simple editor with syntax highlighting, then I tried out the Zend Studio. Wow... makes this easier. Like, for example:
As you code, if you open a bracket or parenthesis, it highlights those that correspond to eachother. This visually helps you out.
Here's a small screen-shot of Zend Studio 5:

It's a personal decision. You can be assured you're not the only one, and I'm sure there are plenty of other styles out there that people use and we don't hear about.
~Brett