SQL and JOIN

Im using Sql Server 2005 but this is a general SQL question.

I've been using JOIN for some time in the form:
SELECT * FROM MyTable mt JOIN MyStuff ms ON mt.ID = ms.ID WHERE ms.Labels = 22;

My question is, what if i did this:
SELECT * FROM MyTable mt JOIN MyStuff ms ON ms.Labels = 22 AND mt.ID = ms.ID;

The WHERE clause was dropped and the ms.Labels was moved to be apart of the ON area. Whats the difference? What kinds of results can i expect back as compared to using the WHERE. Is there some major consequence of using it in this way?

Tx