Selecting if formulas based on column value

I dont really see any difference between the 2 formulas?

<3=IF(F14="AB",D14/1.04*0.04/2,IF(F14="ON",D14/1.12*0.12/2))
3 =IF(F14="AB",D14/1.04*0.04/2,IF(F14="ON",D14/1.12*0.12/2))

The suggestion in #2 could also be shortened to...
if(E14<3,IF(F14="AB",D14/1.04*0.04/2,IF(F14="ON",D14/1.12*0.12/2)),if(E14=3,IF(F14="AB", D14/1.04*0.04/2,IF(F14="ON",D14/1.12*0.12/2)),"")

Again though, I dont see the difference?