Or everything will work.
In CF9 (and I assume 10), var local = structNew () is not necessary (albeit harmless, and makes your code backward compatible), since inside each function there is a local area containing any locally-cloud values. Also with CF8 and earlier, these variables must be the first ones declared in the function.
To specifically answer your question, I prefer var local = structNew () (or just var local = {}) because: