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 ...