obviously, it depends on your game design, both methods can work well for excellent games, but the game has to be built around it, and built very well around it. For example, if you want a game with replay value, than obviously you want them to choose a different path (thus a different game) each time. If your game features unique character builds, then if you got separate paths, you're going to need them to be equal for each of the different character builds a person may use: you don't want a person playing an archer taking the left path, which only has stuff for a barbarian character. There's just a ton of such variables, so it's a bit moot to discuss such a topic. There's just too many factors involved.
That said, in general, and for me personally, I like divergent~separate~unique paths, as it feels like it's many games in one, but I also in regards to each individual paths, I prefer more forced (linear) paths than openness of play (HK looks at Morrowind), too (though if done well they give the illusion of more freedom~openness).
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also, are you refering to physical paths in the game (maze, rooms traversed) vs story~plot paths ??? As obviously these are very different things.
if you're interested in story~plot path ideas... an example:
http://luct.tacticsogre.com/valeria.htmlfrom a game and website that I like, hehe
Some of them are set in their ways and talk out of their asses, just like in any internet community, but many times there's a lot of good recommendations or advice on game design that can be had by people who have a lot of experience under their belt. Go here: http://www.intfiction.org/forum/ and ask for a list of games with multiple paths, either on a map that's wide open or cuts off paths as you go. Might be useful for you to look into or read discussion on the process there. I know there's been a few high profile ones over the years, but All Hope Abandon by Eric Eve is the the only one that jumps to my mind at the moment.
