I'm surprised that the coding style I've used for almost 20 years isn't on this list:
SELECT column1,
column2,
column3,
COALESCE(column4, 'foo') AS column4
FROM tablename
WHERE column1 = 'bar'
ORDER BY column1,
column2
I find this the absolutely most readable, but I admit that it is tedious to type. If right aligning the keywords is too much, I'd opt for left aligning them:
SELECT column1,
column2,
column3,
COALESCE(column4, 'foo') AS column4
FROM tablename
WHERE column1 = 'bar'
ORDER BY column1,
column2