definitely the latter
let's say that your table uses a single datetime column called salesdate
to retrieve all the sales between 6 pm friday july 13 and 9 am monday july 16 would require the following WHERE clause ¸--
Code:
WHERE salesdate BETWEEN '2012-07-13 18:00' AND '2012-07-16 09:00'
now let's say that your table uses separate date and time columns
as an exercise, try to come up with the WHERE clause yourself
whether there is a difference in speed is arguable (but i don't think that for practical purposes it matters much)
however, there is a huge difference in size, and a tremendous difference in the range of values that can be stored
of course, for full details, please see the manual

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