It’s still highly readable but also much much easier to write and modify.
Though I am biased because it’s also how I used to write SQL back when PL/SQL was my day job. Albeit I fell into this design because it proved to be the easiest way to write and maintain readable code.
It looks so much cleaner in my eyes.
Plus it uses constant-sized indents, which means less futzing about with spaces and all that.
Also means you can comment out the first select item, something you can't do with the article's approach.
It also achieves that in monochrome, which is likely to be the case when an SQL query is in a shell script's <<< HEREDOC or in a string blob in a log file or source code for another language's compiler.
And this stacks much better once you start doing complex joins especially when you can add parentheses to change where you actually join
FROM a JOIN b JOIN c
Can be different than FROM a JOIN (b JOIN C)
Apart from that I think I came up independently to the exact same rules when building the prettier extension for SQL a few years back.Your DB's query planner should optimise given the available indices.