Aligning '=' on protocol buffers .proto files
I think the second version is much easier to maintain. If you have a new variable with a longer name (like var_two_reaalllllly_looooooooong_name) you don't have to modify three other lines too to keep it nice. The first version also could cause unnecessary patch/merge conflicts.

From Code Complete, 2nd Edition by Steve McConnell, p758:


  Do not align right sides of assignment statements
  
  [...]
  
  With the benefit of 10 years’ hindsight, I have found that, 
  while this indentation style might look attractive, it becomes
  a headache to maintain the alignment of the equals signs as variable 
  names change and code is run through tools that substitute tabs
  for spaces and spaces for tabs. It is also hard to maintain as
  lines are moved among different parts of the program that have 
  different levels of indentation.