Thank you @Thehack for the wonderful guide and everyone who contributed to the discussion. It made for a worthwhile read.
I've been trying to figure out the power solution for my next build that runs under 400W. Run one EPP-400-12 through a PDCB or run one EPP-200-12 through a PDCB and one EPP-200-12 to the video card? Handling power to the power supplies won't be a problem from the AC side, it's more a space savings measure.
I prefer not to run 2 AC-DC PSUs because you get weird issues like some motherboards/GPU wiring the 12V rail together and the power following from one PSU to the other.
Though most power is "consumed" at closer to the load device, but I'd avoid as much weird multi power supply unless there is a working load sharing circuit.