I was wondering exactly the same thing. As long as there is some sort of boundary between the condition and the body, the whole thing should be unambiguous. Item #140 of 5.4 versions.txt seems to imply this too:
Code:
    This will only work if your /if is specified using () brackets around
    parameters, [color:green]or {} around the commands[/color] following the /if, so that the
    conditional clause is fully specified.
This seems to be the case in practice too, since I've never seen a statement break when only {}'s are used.

/.timerQ 1 0 echo /.timerQ 1 0 $timer(Q).com