Tough to say, especially when you throw the term "SE benefit" in there.
For straight PR, they may be equivalent (this is assuming a 'pure scenario', where either none of the "100 pages" links back or all link back.). This is based on the idea that google looks at pages, not sites, unless the site has gotten weighted as a hub. I think if you actually did the experiement the apparent PR transfer would be the same.
For relevancy, I would say scenario 1 would be preferable, as the originating site in 1 would look more like a hub. But that's just my opinion.
With SE, you pays your money and you takes your chances.
|