snapshots happen at the volume level so if you have multiple LUNs in a volume they all get snapped at the same time, whether they are all consistent or not.
Pro's of one lun/volume
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1: only have to quiesce the one lun when you want to take a snapshot
2: can use snaprestore to restore the volume quickly. (potential performance hit with single file snaprestore)
Cons of one lun/volume
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1: more complicated setup
2: volume count limitation
thats all i can think of for now.