I agree to a certain extent that one large site with micro pages is effective. I do this to a certain extent with my flagship casino site, and some sites in less competitive industries.
But if you want to target the keyword: Free Slots Online the website that has a subpage for freeslotsonline, is going to have a hard time competiting with a website that is focused entirely on free slots online. The website that is targetting only this keyword can have 2000 – 10000 anchor links with the keyword: free slots online.