Maybe one other thing to this topic for those who need this bit of information just like me a few hours ago.
The latter way:
iptables -A INPUT --dport 80 -j ACCEPT
iptables -A INPUT -j DROP
doesn't let you append a rule later (because the appended rule will appear after the universal drop rule and will therefore have no effect), you'll have to insert the rule with explicit statement of the desired position:
iptables -I INPUT 1 --dport 8080 -j ACCEPT
instead of
iptables -A INPUT --dport 80 -j ACCEPT
Depending on your needs it may help the security a tiny bit by requiring you or whatever later adds the rule to really go through the existing rules an not just append it as usual.
This knowledhe I have earned yesterday while checking for twenty minutes why my newly installed service won't respond even though everything is up and running.