Single rail is more versatile, most 'multi rail' PSU's are actually single rail anyway and just act like multi rail untill power demands change.
Having multiple rails is a bit like having multiple PSU's in one box, for example you might have 3 12v rails rated at 18amps each, you wont be able to power anything that needs more than 18amps, or any combination of components on one of the rails that totals over 18amps.
The equivelant single rail unit would have one 12v rail rated at 50amps and can power any amount/combination of compontents as long as the total is less than 50amps.