The two storey design is perhaps the most practical of designs, including the luxurious Estate homes. In areas of where lot sizes are restricted, or expensive, it can provide for more living space per square foot of property than most.
There can be savings in both construction and material costs (for example, less roofing and foundation per square foot of living space).
The excellent separation between the living areas provide for as much privacy as you can hope to achieve. The main-level access to the rear yard and /or pool definitely adds to its popularity. Also, if your property allows, you could include a full basement for additional hobby as well as recreation areas.