Turns out I wasn't asking the right question. This is the questions I was asking. It's more a database question than a Django question I believe: Why use a 1-to-1 relationship in database design?
From the logical standpoint, a 1:1 relationship should always be
merged into a single table.
On the other hand, there may be physical considerations for such
"vertical partitioning" or "row splitting", especially if you know
you'll access some columns more frequently or in different pattern
than the others, for example:
You might want to cluster or partition the two "endpoint" tables of a
1:1 relationship differently. If your DBMS allows it, you might want
to put them on different physical disks (e.g. more
performance-critical on an SSD and the other on a cheap HDD). You have
measured the effect on caching and you want to make sure the "hot"
columns are kept in cache, without "cold" columns "polluting" it. You
need a concurrency behavior (such as locking) that is "narrower" than
the whole row. This is highly DBMS-specific. You need different
security on different columns, but your DBMS does not support
column-level permissions. Triggers are typically table-specific. While
you can theoretically have just one table and have the trigger ignore
the "wrong half" of the row, some databases may impose additional
limits on what a trigger can and cannot do. For example, Oracle
doesn't let you modify the so called "mutating" table from a row-level
trigger - by having separate tables, only one of them may be mutating
so you can still modify the other from your trigger (but there are
other ways to work-around that). Databases are very good at
manipulating the data, so I wouldn't split the table just for the
update performance, unless you have performed the actual benchmarks on
representative amounts of data and concluded the performance
difference is actually there and significant enough (e.g. to offset
the increased need for JOINing).
On the other hand, if you are talking about "1:0 or 1" (and not a true
1:1), this is a different question entirely, deserving a different
answer...