My guess is that most healthy dogs could get by with one feeding a day, but personally I think it's just healthier to give a portion of the food twice or three times a day.
One of my previous dogs developed diabetes late in his life, and at the vet's recommendation we broke his daily food ration into several feedings to help keep his blood sugar more stable throughout the day. A single feeding caused it to spike sharply then dip until the next meal, which was was hard on his system. I know I sure get cranky from low blood sugar if I skip breakfast, so I know how he felt!
I think there is also some idea (don't ask me for scientific proof on this one - just my speculation!) that smaller portions may prevent bloat, as you're not stuffing the stomach with a day's worth of food all at once.
For me, the best reason for multiple feedings is that our family eats several small meals a day, and it makes me feel good to include the "drool crew" in that ritual.