I collect them all those ways, and more.
My preference
Full box with product - Only at all realistic for Transogram and other stuff issued with toys instead of food.
Full box without product, not flattened. - If only I had the space... Totally unrealistic for stuff like Hostess and the ones with a lot of large boxes. I still have a few things this way, although I think I may have flattened the hostess boxes.
Full box flattened. - My overall preference. Anything after this really shouldn't grade as anything but trimmed.
Panels - second choice.
Individual cards - hey, I won't pass up a nice single or not add it to the collection if I get it in a lot.
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