Heh, I was asking this same question a few months ago.
If you bet the same
total amount across multiple hands, it will have less variance than one hand (sometimes one hand will win and one will lose). In other words, 2x$10 is smoother than 1x$20.
The rule of thumb for counters is that 2x.75 bets will have the same variance as 1x1 bet.
So a really typical example for a counter normally using a $10-$100 spread would be to play $10 in negative counts, increase the bet in slightly positive counts, and then, at somepoint, bet 2x$75 instead of 1x$100. This should have the same variance as 1x$100, but let you put more money out on the table.
Plus, if you're not alone, spreading to two hands (only in positive counts) lets you "eat" more of the positive cards from other players. There was a pretty nerdy thread on it here:
link to blackjackforum thread
I've become a big fan of it. I still suppose heat could be a concern, but not at my betting level. I can "feel" the reduced variance at high counts (it seems like whenver I get a blackjack on one hand, I get an ugly stiff on the other).