The distinctive choice is between using a tie ~ or not. Ties are meant to keep document elements on either side joined, similar to HTML's  . Here's a couple more examples, illustrating the difference:

\documentclass{article}
\begin{document}
\TeX{} followed by curly brace is ok.\par
\TeX\ followed by a back slash is ok.\par
\TeX~followed by a tilde also works.\par
\TeX{ }followed by a group works.\par
\TeX\@ followed by a \verb|\@| works. \par
\TeX\space followed by \verb|\space| works.
\hrulefill
Here is some random text, as much as is needed to fill the line okay. \TeX{} followed by something is ok.\par
Here is some random text, as much as is needed to fill the line okay. \TeX\ followed by something is ok.\par
Here is some random text, as much as is needed to fill the line okay. \TeX~followed by something is ok.\par
Here is some random text, as much as is needed to fill the line okay. \TeX{ }followed by something is ok.\par
Here is some random text, as much as is needed to fill the line okay. \TeX@ followed by something is ok.\par
Here is some random text, as much as is needed to fill the line okay. \TeX\space followed by something is ok.
\end{document}
Note how all spacing seems equal when no line-breaking is introduced (top part). However, as soon as a line-break is introduced, inter-word stretching/shrinking and possible hyphenation causes words to be moved so as to "optimize the display"; ties ~ avoid line-breaking at a space (by setting a very large \penalty - reducing the likelihood of contributing to the optimization, so to speak).
So, in answer to your question. "Are there cases where it matters which solution is used." Yes, but it depends on the location of the usage, as illustrated above.
For more on an actual description of ties from the TeX Book, see What is the difference in citing/referencing with or without tilde?.
The xspace package provides a means around this spacing choice by peeking ahead in the input stream in order to see whether there's a space following the control sequence. Typical usage would be something like (in a very minimal form):
\usepackage{xspace}% http://ctan.org/pkg/xspace
\newcommand{\TEX}{\TeX\xspace}
which would allow you to type \TEX followed by a space is ok. and obtain the appropriate output TeX followed by a space is ok.
{\TeX}over\TeX{}, because the latter looks like I am feeding an empty argument to the\TeXmacro. Also, the former is more obviously a single unit. (When I write Norwegian and need to restrict myself to ASCII, I similarly write “blåbærsyltetøy” (blueberry jam) asbl{\aa}b{\ae}rsyltet{\o}y. Being consistent here is useful, as it lets me easily convert back to latin-1 or utf-8 without the macros.) – Harald Hanche-Olsen Jul 03 '12 at 06:48bl{\aa}binhibits kerning between "l", "å" and "b", whichbl\aa bdoesn't. – egreg Jul 03 '12 at 06:54