Preference for separate phono stages?

I do own a Shindo Monbrison - yes. Yes, I know it is possible to make a really excellent one-box line/phono unit, and in a small package at that!

It is, as I said, 'theoretical'. There are too many variables to make apples-to-apples comparisons. (I suppose you could do that if you took the same line/phono design and implemented it both as two-box/two-power-supply and one-box designs.)

I would expect the Doshi folks to say it's the best there is. It might be - would it be better or worse with two boxes and two power supplies?

(To the person who implied the only trade-off is cost - that's not true: the extra IC needed, with more connections and more wire, is the potential sonic trade-off.)

Basically I was interested to hear from designers who've experimented with both approaches. Keeping everything constant except one vs. two boxes. Strictly academic.