Topquark is correct on the sizing; the manufacturers state that the 5050 are better (I think the other size is something like 3028 if I remember right).
I did once calculate the area and found that the area was slightly larger for 2 small ones compared to one large. However things have moved on and you now get the LED floodlights that seem to be one large SMD (presumably actually an array of small ones multiply filtered).
As far as I can tell there is not that much difference between the two but certainly the 5050 are touted as the brightest and best, I assume there is a more concentrated area of light to work with.
I like the unfocused SMD ones as they have the wide angle light and most customers want to light room with GU10 for which they are not designed, the SMD work better in this respect, though the specific area illuminance is lower the overlap helps here.
The focused SMDs at 60 degrees are quite good but you cannot really beat the large focused LEDs for accent lighting, pretty much halogen standard now.