martinibuster - 11:33 pm on Feb 27, 2010 (gmt 0)

The subsequent pages may have less ranking power since they are one, two, three pages deeper into the site and away from the home page. As a consequence it's possible that you may lose ranking from keywords that currently lead to the single page since those keywords no longer exist on the page, but on pages that are deeper into the site which have less ranking power. The single page may benefit from being able to match up a variety of longtail combinations, something it cannot do if it is split into two or three pages.

I think the ability to rank may take a hit, causing you to experience the opposite of joy regarding your AdSense earnings.