I actually prefered the above style for a long time. But it turns out many people can't stand it because it turns all code into a venisian blind of alternating white and black.

On the other hand lining up the braces seems very natural.

I have come up with the following compromise, which sacrifices ease of editing for readability:

if ($larry) 
{   foo();
}
elsif ($tom)
{   pie();
    if ($stooges)
    {   nyack();
}   }
else # Randal
{   cow();
}

BTW: Code Complete rocks