In my opinion, as a best practice, I think it is more important to consistently use braces with your control blocks, even if their body is only one line.
Consistent
if ( condition ) {
statement;
statement;
}
if ( condition ) {
statement;
}
Not consistent
if ( condition ) {
statement;
statement;
}
if ( condition )
statement;
But even still, this is completely subjective.
As for when to break out of a function, and levels of indentation, that's subjective too. Research and experience have shown that exiting a function at only one point (the end) is easier to debug, optimize, etc. On the other hand, multiple levels of indentation can make a function difficult to read.