1) Full Range Speakers - I would define this a true 3 way speaker with high and low pass cross overs at each crossover point.
Pros - Most Coherent top to bottom, single box solution Cons- Harder if not possible to electronically manage room response, subwoofer has to cover some level of mid bass (very few drivers are capable of this), Typically higher costs
2) Bookshelf and Stereo Subwoofers.
Pros - Subwoofer can be dedicated to Sub bass or mostly sub bass, lower cost, bass can be electronically managed, more flexibility with placement, many options available in the bookshelf market, more even bass response Cons - lots of boxes, harder to integrate woofer to midrange without a lowpass on the midrange (summation at the crossover point) Low WAF factor, harder to find HiFi quality subwoofers, sometimes disjointed or unrefined bass in the soundstage
3) Bass summed to one subwoofer.
Pros - Low cost, Ease of placement, Electronically managed bass Cons - Almost impossible to properly integrate bass into the soundstage, uneven bass response, no localization of intruments with bass or sub bass, very few if any drivers are capable of doing the single sub solution properly, an HT received or something that can sum bass is often a poor processor for 2 channel music listening.
I tried to stay relatively factual but of course some of this is going to be opinion. I personally like either stellarly implemented fullrange speakers (typically these are going to be expensive) But what I own is bookshelf speakers which I eventually plan to low pass and add a bass woofer and bass management to the system. It is hard in a non dedicated listening room to get "audiophile" bass.
Pros - Low Cost