That kind of code will only work of there is just one return, and "" (or the hideous q{} from PBP) is the only possible alternative.
My example just simplifies the pre-emptive returns, and lives in the assumption that the default (after all the returns were done) still needs some real coding.

Personally, I like brevity, and both my code and yours are terse. I do not however think that your code is any clearer than mine. Both are clearer than the code of the OP though.