I do prefer the beard, but later Riker without a beard works well. I think it's because the character and actor have grown into the part at that point and don't present themselves the same as the early season Riker. I was going to call him "gangly" but I don't think that's right, but first season Riker was less sure of things.

Let's not forget the other badass old Riker with the peppered gray beard who said "I'll get the Klingon's attention".