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I think a multi-verse setup is better than a single universe, from a writing standpoint. It allows writers and artists more freedom with their storytelling if they don't always have to be tied to continuity. Also it gives later writers/artists an opportunity to re-visit those other worlds as they see fit.

From a reader standpoint, it can be quite confusing sometimes if you try to keep track of it all (which is one of the reasons for DC to do the original Crisis event). On the other hand, having only one universe means the writer is tied to everything that occured before he got the gig AND he must coordinate with all the other writers/editors to make sure the universe is consistent across all publications. That can really limit storytelling, if you must always include what other writers are doing in their books even if you personally don't like it.

I sincerely wish DC would quit rebooting all the time. Just go back to a multi-verse and let the writers create good stories. And if they turn out to be bad stories, just say they happened in an alternate dimension so future writers can ignore them.