[saila]

This is the style I've settled on lately, where all the major keywords are left-aligned and the clauses are consistently indented. It uses a bit more vertical space, but I find it easier to read than any other formatting style I've seen (in the wild or produced by formatters).

    select
      a.foo,
      b.bar,
      g.zed
    from
      alpha a
    join
      beta b
      on b.alpha_id = a.id
    left join
      gamma g
      on g.beta_id = b.id
    where
      a.val > 1
      and b.col < 2
    order by
      a.foo

It's really easy, for me anyway, to get an overview of the query with this style compared to styles that are more cramped or that are inconsistently wrapped/indented.

For simpler queries, I think this is okay too, but only if the clauses easily fit on a single line:

    select ...
    from ...
    join ...
    where ...

[ianmcgowan]

I do this style too, but think of each new row as basically a new table being added to the query (especially if it's a query, which may go over several rows and is indented):

    from
      alpha a
      inner join beta b on b.id = a.id
      left outer join gamma g on g.id = a.id
      left outer join (
         select z.id, count(\*) as cnt from zeta z
      ) delta on delta.id = a.id
    where
      ...

[mobjack]

That is my preferred style.

If there are many joins, I could also add more indention to show what is being joined to what.

[dbatten]

My company style guide explicitly specifies this.

https://github.com/republicwireless-open/sql-style-guide

I think Mozilla's does as well.

[croes]

It's also easier if you want to comment out certain parts of your code during debugging.

[scottmcdot]

On this, I like to also use

   Where 1 = 1
   And...
   And... 

Which makes it easy to comment out specific filters.

[Tostino]

Yup, my code is littered with WHERE true AND ...

[Icathian]

10 years messing with data across 5 major flavors of sql and this is the format I've settled on and advocated for my team. It seems to flow the best and be easiest for people to get used to.

[u801e]

I've found that using hanging indents and using prefixed binary operators, like you did here, is the most readable form and when adding additional clauses, makes for a readable diff.