Other than style, is there any significant difference between the 2, perhaps in something such as SEO?
And style-wise, is there a "standard"/good practice about it, or its just up to your personal preference?
No "best practice" applies.
The decision is more often dictated by administrative considerations that anything else. Some considerations might be:
Subdomain
Subdirectory
As far I'm aware it makes negligible difference to SEO.
The difference it makes to SEO is a long debated moving target. As of 2015 there is a surge of evidence and opinion toward subdirectories.
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