[kbp]

Yeah, it's definitely a taste thing, but as the first style isn't used in Lisp, comparing its readability doesn't really make sense. Indentation is important to reading Lisp. Indenting it in an odd way makes it harder to parse. It's a bit like giving

  def
    foo(x)
    bar(x)
  end

as an example of Ruby syntax being overly homogeneous.