1)Eating little with many breaks is healthy..
Eating rarely but many times increases your fat...
The logic is simple.
Before the Logic..let me shoot a fact.
In mammals: conversion from glucose to fatty acids has a direct pathway(I am speaking biochemistry), but there is no direct path for conversion of fats to glucose..(whereas in plants both paths 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 workout), by that time your Hypothalamus gets a signal and you feel hungry. So you again eat to satisfy your hypothalamus 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 Appetite is affected in the normal and same way.
3)There are no side effects for either pathway, but you have other side effects from the fat accumulated. :P