"You should be aware - no matter what format you use to create a table Query Analyzer or Enterprise Manager will always return your code in First format"

This is not exactly correct. Take a look at the options that can be used for generating scripts.

CREATE TABLE dbo.Orders (
 OrderID int IDENTITY (1, 1) NOT NULL ,
 CustomerID nchar (5) NULL ,
 EmployeeID int NULL ,
 OrderDate datetime NULL ,
 RequiredDate datetime NULL ,
 ShippedDate datetime NULL ,
 ShipVia int NULL ,
 Freight money NULL CONSTRAINT DF_Orders_Freight DEFAULT (0),
 ShipName nvarchar (40) NULL ,
 ShipAddress nvarchar (60) NULL ,
 ShipCity nvarchar (15) NULL ,
 ShipRegion nvarchar (15) NULL ,
 ShipPostalCode nvarchar (10) NULL ,
 ShipCountry nvarchar (15) NULL
)

Not perfect, but more workable.

The two things I would like to have are,

1) Place the comma at the start. Like you have, this makes ad-hoc modification much easier.

2) When scripting select/insert/update statements, have the text wrap at a column you've previously specified, or preferably put each column on a new line like the create does.