Dynamic content vs. multiple emails or landing pages?

Here's a question for everyone.  When working with data-driven variable content, Eloqua provides several different paths for managing that content.  One obvious way is to create different versions of an email or landing page and use segments, lists, or campaign decision steps to make sure that the right content is delivered for each contact.  Another approach is to use a single email or landing page and use dynamic content to manage the pieces of variable content on each email or landing page.

What are the advantages and disadvantages of each approach?  What kind of experience do people have with these techniques?

I'm interested to see what people have to say about this.

Thanks,

Andy