Integrated Amps vs. Separates.

I'm curious what people think the better option is, integrated amp or seperates. It seems that integrated amps are a cost cutting measure, but do they also cut sonic quality? Assuming similiar price ranges, what would people here generally choose. Give me some examples/brands/models and comparisions from your experiences. Thnaks. Carter p.s. Is the Krell KAV 300i really the king of integrateds like many reviewers say (i.e not only better than all other integrated amps but better than most seperates)?
Thanks Brian! Also, VTL is coming-up with their integrated amp: IT-85, in about 3 months, at the price of 2500 US. I would imagine, it will be probably same thing as ST-85? It is so many (gear) to chose from! One, must feel like a "donkey and two carrots..."?!
I have heard the IT-85, and it is a very nice integrated system. I have never a-b compared an integrated to separates. I think on the used market you will probably get a little better deal on an integrated. You have to figure in a 100-400 savings on a good quality interconnect as well. Not to mention the sheer simplicity of a one box verses many solution. A third alternative would be to buy a CD player with variable outputs and a normal amplifier. You connect the CD directly to the amplifier. Sony, wadia , and cal labs make some of these.
Krell is the king of hype and little else. Look at the number of them for sale here and everywhere else. Once people actually listen to them for a few months, they realize how bad they sound.
I own a KAV300i, albeit used, and my impression was that it is a piece of crap. Maybe it's just a bad match for my speakers (Spendor S3/5), I don't know. I much prefer my Jolida tube integrated or my Musical Fidelity A3CR. On the subject of integrated vs. separates, I'm not sure I understand the general rule that separates are better than integrateds. Wouldn't you want shorter cable runs of the lower level signal(s), I.E. between pre-amp and amp? Isn't an integrated the shortest possible cable run? Also, I'm not sure this is how all integrateds are built, but wouldn't it be better to lower the amplification than to lower the signal that's fully amplified, thus reducing noise? The analogy I use is to driving: you don't change speed by shifting, you lower the gas.
I think there is a mis-conception of integrated amps. As I stated, there are no "all out, no money limit" integrated amps, at least that I know of, but there are for separates. In that light, separates are superior for all out performance. Therefore it is conceived that they are just plain better. Seprates have the ability to upgrade the two sections obviously. But at price points that include integrated amps, I have to believe they become very competitve. Heck, I too have fallen into that trap.