Multi Effects Pedal: For the up-side they consume less space and tend to be much less expensive compared to a similar pattern of guitar effects pedals. They can be easily configured with your own needs, depending on how user-friendly the program interface is. They are easily powered with a single cable, no capacitance loss over long cable runs. Most of them can midi sync with a click track. An important, and massive plus is a single master volume and they are good for guitarists that like options and swap between them a great deal. On the downside, Digital can be annoying to mess around with to get some unique sounds out of. They can also lack the dynamics of some more high quality individual pedals, in particular the overdrives tend to be very opaque. In summary, most multi effects pedals sound pretty obviously digital. Even the best modelling software finds it difficult to emulate analog circuits properly as it is a tough job to accurately represent hardware in software. One of the main problems is the fact these systems will not have the ability to compute the algorithms quickly enough. This makes the sound somewhat crystalline which may be seen being an up or down dependant upon one's own viewpoint.
Individual Guitar Effects Pedals: Individual pedals, on the plus side have countless configuration possibilities (this pedal before that pedal, etc). They're more real, for the reason that you have something you are able to touch and change. You'll discover an incredible number in the marketplace which, arguably, makes them more versatile and as a consequence output of an original sound is a lot more likely from modular units. Significantly for bands, they may be perfect for guitar players who've settled on one particular sound and wish to run with it.
Some of the cons are they have problems with capacitance loss across long patch cable runs as stated above. They are really a great deal more expensive as you would buy them as modules, however, you should keep in mind that they are scalable to the users budget. Every one of the modules have different volume controls; therefore you may have to deal with inconsistent sound levels across the pedals. Personally, guitar effects pedals can be a means to an end and the pluses and minuses I have described largely cancel each other out. Either means of effect is going to be down to the way you want your guitar to sound at any one time, what your budget is and probably the amount room you have got. One thing I do know is that you can have a load of fun discovering which is the best to suit your needs.