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Would the first way make the page hang until the browser has enough data to render the complete contents of the outer div?
"some overall styling, like margins"
outer div can make problems if you add divs next to it or under it more than using only bunch of divs
div {margin: 0; padding: 0;}
meaning that a div in and of itself will have no effect on page appearance. By default, a div is a block-level element, so you needn't say anything about that; by default, a div has no border, so ditto ditto; by default a div ... et cetera. Any variations from the default should apply only to named divs.