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In Google or Yahoo (Japan) you do receive different results. In the case of Yahoo the results are very different. Only when there is a space between the words do the Yahoo directory results show up.
The Google keyword suggestion tool only suggests using a space between the words.
The question is; does anyone have some statistics on the differences in search frequency between to the two types?
Overture's Match Driver will do strange things with your keywords anyway, so it may not matter wheter there's a space for them.
I'm not clear what you're asking for here...is this for PPC or general SERPs? David_M reported a little while back that spaces in keyword phrases were helping bold terms in AdWords...