1)Eating little with many breaks is healthy..
Eating rarely and lot increases your fat...
The logic is simple..
Before the Logic..let me tell a fact..
In mammals:conversion from glucose to fatty acids has a direct pathway.. but there is no 'Direct Pathway' for conversion of fats to glucose..(But in plants both pathways are direct..)
So If you eat more food at one time.. the glucose which body needs is used and the remaining glucose is converted to fat..
when the body again needs glucose.. it needs to take a long pathway to convert fat into glucose(* only if you work).. by that time your Hypothalamus gets a signal and you feel hungry.. (and then you again eat a lot.. and the process continues.. with more accumulation of fat in your body)..
But in the little meals there is no accumulation of fat..
2)in either case the Appetitie is affected in normal and same way..
3) there are no side effects for either pathway.. but you have side effects from the fat accumulated.. :P