Multiple transaction log backups or Single transaction log backup file, which is better?
Say which is better, having multiple transaction log backups files or single transaction log backup file during a recovery point of time.
In my experience both of them doesn't make any difference and if you are performing further backup to tape then ensure to test them by restoring on to the standby server. This is a best practices than assuming backup file is fine or simply running VERIFYONLY doesn't do any better. For the newbie DBAs having multiple log file backups to restore is a troublesome and if they miss one of them then have to retry again from the beginning.
So having the method of keeping the backup and restore history using MSDB system database is better to manager for point in time recovery. Also if you are using a different log file to backup every time using WITH INIT then ensure to keep a track of them by using datetime for the file to identify, also you could use 1 single file per day by APPENDING the backups to that transaction log backup file without using WITH INIT clause.
Either way you can have ease to restore after the complete database backup, but bear in mind both multiple log backups & single log backup file will have severe affect if any of the file or track is corrupted. So to avoid this sort of exercise during the busy time of recovery, better to restore the transaction log backup file to standby server or follow using Log Shipping availability method within SQL 2000 onwards.