Thoughts on phone & tablet vs. phablet...

Currently I own a Nexus 4, a Nexus 7, and a Chromebook Pixel. My Nexus 4 is my connection to cellular voice and data. My Pixel gives me my full browser and full keyboard for getting real work/research done. My Nexus 7 is my around-the-house device, for things like casual gaming and reading children's books to my son.

I'm a hardcore Google purist. Anything but the latest build of stock Android directly from Google turns me off. As such, my Android devices have always been Nexus devices. However, I'm increasingly wondering if having a smartphone and a small tablet is the optimal arrangement. I'm drawn to the idea of a roughly 6-inch "phablet" that replaces both my Nexus 4 and Nexus 7. Since Google seems to want to keep the Nexus phone and tablet concepts separate, I'm considering an HTC One Max or Galaxy Note III -- which, gasp, are not stock Android -- when they come out.

So my question for you guys is... Do you think having a single phablet is ultimately the superior concept? Or do you think having two distinct devices (e.g. a Nexus 4 and a Nexus 7) is superior? I've been pondering this a lot lately, and any additional perspective would be appreciated. How I answer this question will likely determine what device I buy this Fall.