Extrapolating from Alan Perlis's quote, I think it's better to have 3 products that each do 1 thing well rather than to have 1 product that does 3 things very poorly.
Practically speaking, you will have multiple products that are crappy, because you will be unable to maintain them all and keep track of what should work how in each version. Moreover, fixes that should go to each will take more time to develop, testing will take more time and there still will be additional bugs due to complexity of it all.
Also, organization and management of it all will take more time and effort. You need to reconcile them or make decision.
