Thats not actually entirely correct---with Herpstats at least. While using multiple channels does mean less wattage per channel, they don't actually split the same 700w (see link to Spyder Robotics below). The Herpstat 2 splits 900w (they say 500w each channel, but the math doesn't add up that way lol), and the Herpstat 4 splits 1600w, with each channel getting 400w. So while you use less wattage, you still don't have to split the lower 700w per channel.
Side note-- I plan on getting a couple oil heaters, one for the garage and one for the new snake room. I wonder how much wattage these will need. I plan on using my current herpstat 1 for the garage because nothing else will be there but the rats. However, I am thinking about using the multi-channel herpstat 4 to use in my snake room. I wonder if it will need more than the 400w each channel allows.
Also, if a fuse goes out in your herpstat, does that mean you only have to replace the single channel, or do multi-channel thermostats have multiple fuses?
Spyder Robotics Citation: http://spyderrobotics.com/home/products.html