Hello, @TFS,
According to me:
Standard checkout: (Pros)
Fewer clicks.
Appears to be easier.
Less Time.
One with the steps: (Pros)
Guest Checkout. (Not all customers have time or want to create a customer account in order to check out. )
Layout.
More details.
So now you have the comparison and I hope it will help you in making a decision that which layout you have to use on your site 🙂
Regards 8Themes Team.