>Which do you find more readable and why?
>

I'd be happy to find either. Usually it looks more like this:

SELECT crsrAutoRateBillItems 
REPLACE arbi_bcm_fk WITH crsrResult.pdb_bcm_fk,arbi_bcm_code WITH crsrResult.bcm_code,arbi_bfn_fk WITH crsrResult.bcm_bfn_fk,;    
    arbi_bcm_rate WITH crsrResult.pdb_rate, arbi_bcm_notbillable WITH crsrResult.pdb_notbillable, arbi_bcm_use_billcode;
    WITH crsrResult.pdb_use_commcode,arbi_bcm_min WITH crsrResult.pdb_min, arbi_bcm_allowed WITH crsrResult.pdb_allowed,;
    arbi_bcm_order WITH ((crsrResult.pdb_order*10)+1),arbi_desc WITH ALLTRIM(crsrResult.pdb_desc),arbi_pieces WITH 0,arbi_weight WITH 0;
    ,arbi_qty WITH crsrResult.bcm_qty,arbi_rate WITH 0,arbi_ratetype WITH crsrResult.bcm_billtype,arbi_amount WITH 0,arbi_revcode WITH ;
    crsrResult.bcm_revcode,arbi_dept WITH crsrResult.bcm_dept,arbi_prompt WITH !crsrProdBillNoCNS.pdb_notbillable,arbi_exception WITH ;
    .F.,arbi_source WITH 3

I find the second more readable. But I tend to code the first way - trying to line up the columns is a pain, and if you add a slightly longer field name you have to reformat every line.