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I don't know if anyone can definitively say whether one performs better than the other. The thing that immediately pops into my head though is how hard it might be to plumb the things. A single 25mm fan in between doesn't leave a lot of room to connect the two. Even with some of the radiators with configurable inlets/outlet like the Alphacool series might be tough. Also how are you going to mount everything together? Most radiators don't allow the mounting to go all the way through, the logistics of just screwing the fan in is going to be annoyingly difficult and cumbersome.
Personally I don't think there is going to be a whole lot of difference either way, but the single thicker radiator is probably much cheaper.
The added flow reduction is not worth having a fan sucking hot air through one radiator only to blow it all through another.
Martin's Liquid Lab did one such test, using different sandwich configurations vs single thick radiator. However, the site appears to be down, I guess it expired.
Which is why you be smart about the flow path. Counter-current flow paths can be very efficient.
Edit: Yay for web archive. http://web.archive.org/web/20150214084857/http://martinsliquidlab.org/2012/06/08/hesmelaughs-radiator-sandwich-testing/
Good find, not only is one thicker better, one slim is better than 2 slim stacked!