I'm not sure that I actually like either presentation all that much. If I were explaining the work on the board, I would probably start by writing
$$ x + 3 \phantom{{}-3} = 5 \phantom{{}-3} $$
leaving a little bit of space where I know that I am going to have to fill something in a later. Then, in a different color, fill in the blank to get
$$ x + 3 \color{red}{-3} = 5 \color{red}{-3}. $$
Finally, the last statement needs to be connected to what is already written. In this case, an implication suffices
\begin{align}
x + 3 \color{red}{-3} &= 5 \color{red}{-3} \\
\implies x &= 2.
\end{align}
This may be pedantic and nit-picky, but I generally insist that statements not be written one atop another without some kind of logical connection. This becomes particularly important when, for example, working with equations that can have extraneous solutions. For example
\begin{align}
&\frac{1}{x-2} = \frac{3}{x+2} - \frac{6x}{x^2 - 4} \\
&\qquad\implies x\ne 2,\quad x\ne -2,\quad \text{and}\quad x + 2 \color{red}{{}+3x-2} = -3x-6 \color{red}{{}+3x-2} \\
&\qquad\implies x\ne 2,\quad x\ne -2,\quad \text{and}\quad 4x = -8 \\
&\qquad\implies x\ne 2,\quad x\ne -2,\quad \text{and}\quad x=-2. \\
\end{align}
Since we arrive at a contradiction, we know that the original statement must have been false, i.e. the equation has no solutions. By carefully keeping track of the argument and writing down the details (including the way in which statements are connected to each other, as well as the full set of implications of a particular identity), there is no need to come back and check for extraneous solutions.
The situation is slightly different for the work that student turn in to me (since they don't know, ahead of time, how much space they might need to add or multiply). For the original problem, I might expect to see something like
\begin{align}
x+3 &= \ 5 \\
{\small -3} &\ \ \ \ {\small{-}3} \\
\implies x \phantom{{}+3} &= \ 2.
\end{align}
My preference would be that they write out the extra line (primarily for the third point that Nick C makes in his answer), but I recognize that students often lack the time to write more clearly (say, in an exam setting), and I think that it is more important for them to be comfortable with the big picture idea of keeping equations "balanced" than it is to nit-pick their notation too much.
Multiplication and division, as well as exponentiation and taking logarithms, follow a similar pattern. On the board, I use color to emphasize what is changing from step-to-step, whereas in student work, I rather expect to see everything done in-line. For example, on the board I might write
$$ \color{red}{\tfrac{1}{3}(} 3x \color{red}{)} = \color{red}{(} 15 \color{red}{)\tfrac{1}{3}} = 5
\implies x = 5
$$
or
$$ \color{red}{\frac{\color{black}{3x}}{3}} \color{white}{\frac{\color{black}{=}}{-}} \color{red}{\frac{\color{black}{15}}{3}} \color{white}{\frac{\color{black}{=}}{-}} \color{white}{\frac{\color{black}{5.}}{-}}
$$
I would expect students to write basically the same thing in their work, except without the use of color.