Two single gpu cards :
+ve * Two cards can be purchased for less (usually)
* if one card goes pop, you have one as a back up while the other is rma'd
* tend to be a fraction faster than the dual gpu cards (though I'd say that only really comes into play if you want to benchmark)
-ve * Two cards can take up more room, since you're usually going to want at least one lane between them
* can be noisier (cooler or coolers dependent)
One dual gpu card :
+ve * something nice about having one card that is a power house

* (usually) less room required
* (imo) sometimes looks better in rigs - particularly if the manufacturer has done something a bit special aesthetically
-ve * if the card fails, you essentially have no graphics card (unless one gpu still manages to work)
* can cost more than two single gpu cards
There may well be other things that I haven't thought of, which other folk might add.