I think it depends on what you are trying to do.
The first style looks more realistic, yet the second will stand out more on the table top.
I like the spear on the first one way better than on the second one.
Also on the second one, the highlighting going from black in the recesses to lighter color to darker color, although it helps make the contrast that helps make them stick out more than the first picture, try going from black in the recesses to dark color to light color just to see what it looks like.
- - - - - - - - -
And there's something to be said for steveb's comments, and I'm really glad to have read them. I'm trying to grow my painting skills, and might give his suggestions a try some time.
I'm also contemplating having my swordsmen unit each have uniforms that look differently, although not painted differently style wise, and using the same colors.