Hi
go through this..........
( Usage of theme in preinit event may lead to few lines of addtional code, otherwise interms of sytem resource usage it almost same.. I have used in the past this type, to set the theme according to the client screen resoultion factor......... and multiple master page...... and site content........ The key advantage is use of multiple theme.... as required..... I am not quite sure that, through web.config possiblity of using multiple theme... or better control of apllication of theme....)