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Both would be equivalent in terms of heat dissipation
This depends a bit on internal radiator design, but normally it goes something like up-down-up-down-up-down etc so that the temperature is fairly consistent across the radiator. For a series arrangement, it would already be cooled somewhat by the time it reaches each successive radiator, and cooling efficiency depends on the del T between the radiator and the external working fluid (the ambient temperature). So a series arrangement could potentially be MUCH less effective - but in the scenario of cooling your computer, it's unlikely to be nearly as pronounced as it could be.
Moral - don't do series radiators unless you have a damn good reason (like you already own them, or they're much cheaper).
What you will find in practice is that water is such an efficient conductor of heat there will be almost no difference in temps around the loop no matter if you use 1 big or 2 small rads. Of course there has to be a temp difference between the input and output of a rad or their would be no cooling because that is how rads work. But endless debate and attempts all over the web have shown that with normal water cooling of PCs, it really does not matter, one rad, two rads, rad placement in the loop etc. and the delta of loop temps measured at different points (a deg C or two) are usually within the error range of the probes used to measure them making them meaningless both from a measurement and a performance point of view. 2C, if it is even that much, is not going to gain you much anyway.
Go with what is easiest to install and maintain.
However the above sucks all the fun out of debating so please feel free.
