gloryhack's code looks a lot better to me. What I have to add: whenever there is some code that may or may not be executed, I want that to be clearly expressed in the code. Code in a block expresses that this code is subject to flow control.
Djikstra said "although the programmer only makes programs, the true subject matter of his trade are the possible computations evoked by them"-- any time my code can clearly show the reader the possible computations, I will gladly take the trouble to add an else or another level of indentation. Functionally equivalent, yes, but to me as a programmer, this seems much better.