[AccessD] CodePlex WCF Community code snippet

Hi All --

Sorry I'm posting C# code snippet here as my question/quick poll is more about coding style than anything else:

I have occasionally got browsing through the following CodePlex WCF Community source code:

http://wcf.codeplex.com/SourceControl/changeset/view/66aa503c963c#WCFJQuery%2fTest%2fMicrosoft.Runtime.Serialization.Json.FunctionalTests%2fCommon%2fUtil.cs 

...
        public static bool CompareObjects<T>(T o1, T o2) where T : class
        {
            if ((o1 == null) != (o2 == null))
            {
                return false;
            }

            return (o1 == null) || o1.Equals(o2);
        }
...

And I have got stuck first trying to get its logic.

Would you consider the above code more professional and maintainable and effective than the following "mere mortals" code version? If Yes/No - why?

        public static bool CompareObjects2<T>(T o1, T o2) where T : class
        {
            if (o1 == null && o2 == null) return true;
            if (o1 != null && o2 == null) return false;
            if (o1 == null && o2 != null) return false;
            return o1.Equals(o2);
       }

Thank you ;)

-- Shamil