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Separate books, although it's good if they're all available at once.
Ideally, there would be a choice for the reader/buyer between an "omnibus" version (possibly a little cheaper than the separate volumes) as well as separate volumes. That way, those who don't want to risk a time/money investment of buying a very long unknown book can buy & read it one volume at a time, while others could get the omnibus.
I admit that eReader era has made it a little less of an issue, but as a rule, I don't really pick up very thick/long books by unknown authors or unless they're part of a series I'm already into - they seem too intimidating. Although even with a Kindle, I keep postponing starting books that have the little line of dots (indicating relative length) going all the way to the other side of the screen, and just keep picking shorter ones instead...
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