Question: Which has a higher rate of failure a SPG or a transmitter?
I sure you may have felt different if Murphy had chosen to play games with your SPG!
I think it is principally based on personal choice and quite frankly notwithstanding which route somebody elects to go, as long as the individual brings some form of back-ups and is well prepared to handle whatever failure(s) he/she may get from the equipment he/she is using then it is a non-issue.
Personally I prefer having separate simple items rather than one gadget that does it all just because I feel that once said gadget/tool goes for whatever reason (frequency vs severity of consequence...basic risk management) then you risk losing it all and at the least convenient moment.
Let's use the following example...WOW...I have just acquired a wrist mounted AI dive computer with integrated compass...just look at how simple diving has become....YES....that is until this one time in a blue moon that the gadget decides to stop working for whatever reason. When it does, you could very well have lost the DC functions and the watch function and the SPG function and the compass function. Granted All these things could be non issues for the experienced and well prepared divers assuming that diving conditions allows thumbing the dive on the spot, if compass nav was required, number 2 also has a compass and knows how to use it, number 2 has a DC of some sort (depth, NDL and time functions (yours looks like a watch, so you may not be wearing a separate watch) and you have an idea what was your residual PSI ...and when you did check it, and you have spares and tools topside to allow you to regain some of those capabilities that you require before the next dive.
But this is you...the experienced diver, not the beginner diver falling in the bracket 0 - 24 dives. How many of the latter category carry tools, spares (SPG, hoses, DC, watch, compass), and are comfy assembling/disassembling hoses from 1st/2nd stages, etc? ...and we have not addressed any skills of the individual yet. That is my word of caution.