It would take fractionally longer to evaluate:
if ($1 == op) { mode $chan +o $2- }
than it would:
if ($1 == op) mode $chan +o $2-

This is why if its only one command following the if I tend not to use the {}

From a purely personal stand point I find it very hard to read code thats missing the parentheses around the condition, it looks more like an alias with parameters than an if-then-else statement.