Pedro Lopes who is now on the SQL Server dev team wrote the blog post “T-SQL Misconceptions – JOIN ON vs. WHERE” which does a good job of explaining the “it depends” around the newer style of joins. Why link this article? Microsoft deprecated the OUTER JOIN operators in SQL Server 2008. Two other sources of information on this are here and here (the first is Ward Pond’s old technet blog, and sadly will probably go away soon). If you’re keeping score at home, WHERE clauses are not deprecated except if you’re using *= and =*). The changes people made were wholly unnecessary and as the author, the newer stuff is harder to decipher than what I originally did. They were putting their own biases onto things.
I personally do not like ANSI-89 syntax because it blurs the lines between filters and join criteria. Those are separate things serving different purposes and keeping them separate clarifies queries more than it obscures. Allan’s example doesn’t have any filters but in a more complex scenario with several filters and several join criteria, it can require extra care figuring out what’s going on, especially with multi-column join criteria and filters mixed in (meaning it’s not join criteria and then filters, but a mishmash of the two).