For me, I like one instrument per track and use keyswitches. I customize each matrix in VIpro2 with black key/white key combinations for X&Y values. Generally, I can cycle through the correct articulations and still ride the mod wheel, which I've assigned as my velocity x-fade for a live performance, then go back and ride any other CC, such as expression or slot x-fade for tweeking.
The purpose of this is for me to treat it like it is a real instrument... like an organ or something. I've found that yields better musical results.
The other feels more like "programming" to me, which could be more appealing to someone with different creative dispositions.
To add to the insanity, and people may call this a colossal waste of time, is that I create an entirely new template for each new project I start (as stated above though, my VIpro2 matrices are already in place). On top of that, I do not put anything on the tempo grid. Nothing is recorded to a click, unless it is some really specific delay/drum/EDM thing.
I can totally understand the appeal of a template, which mimics a creator walking into a room full of a thousand instruments already mic'd up and ready to go -- you just point to one and it plays. BPMs all mapped out and perfect... a great guide track, etc.
So at the end of the day, whatever gives a person better musical results, they should do that.