David -
Thanks Jeff for hitting most of the key points. Let me just add a few more things. First, interacting with stacked polygons is much easier with the out of the box clients and APIs. A simple mouse click or query will return all the records you're interested in and you don't have to write code to query related records, handle condos uniquely, etc. In addition, you'll probably also want to also merge property attributes from your CAMA and Tax systems when you publish your parcel geometry. Then you can quickly leverage those in information popups and other apps we have in the ArcGIS for Local Government solution (Tax Parcel Viewer, Public Notification, Value Dashboard, etc.). So, typically most local governments extract data from these systems on a regular basis and merge it with their parcel publishing (geometry) process and end up with a set of features much like we have in the Parcel Publishing feature dataset.
Hope this helps.
Scott