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If I were to take a guess, I'd say it doesn't make a difference, because the search engines look at words, excluding stop words (and I would assume that punctuation would be a stop word, of sorts). That's my opinion based on reason, not any cold hard facts.
So searching for something like "about engineering" or "engineering resources" will often pickup pages who have the words in their navigation at the top of the page looking like:-
home ¦ about ¦ engineering ¦ resources ¦ contacts
or even a title such as
"About Engineering -¦- Resources for students!"
Having said that, although the SEs ignore punctuation, people do not, so it can be usefull in seperating phrases for the users eyes and perhaps gain the required response - a click!
Onya
Woz
Your example:
"nice neat title,small title"
That title will generate an exact match for both phrases with or without the comma, because you wrote it with no space after the comma. (which wouldn't be considered proper).
To a spider, nice neat small title is the same as nice,neat,small,title because both commas and spaces are treated as delimiters. Each word is separated by one space, so there are multiple possibilites for exact match combinations.
However, if you were to do something like nice neat, small titles you would loose the opportunity for the title to generate an exact match for the phrase neat small because you now have two spaces between the words.