On the other hand, single rails with high amps, being pushed through too-small wires, will generate more resistance and power-loss due to heating of the wires themselves. Not only is that a waste of power, but it may also be a safety issue. That problem was mentioned about several of the cheaper supplies in
Mem's thread about a 19 PSU shootout review.
I'm not so sure about exponential losses, but I could see how having seperate rails might lower overall power-conversion efficiency some, but that shouldn't be a bit deal, and shouldn't affect the level of DC output power, only the amount of input AC power used. (I think, I'm not an EE.)
PS. PC PSUs are not linear, they're switching. Was that factoring into your assumption? If they were linear supplies, then yes, operating two in parallel at lower overall efficiency, compared to a single rail at the corresponding higher level of efficiency, that would make a pretty large difference.