
There are two ways to do this:

On the left it's done by having one object including all the visible edges modeled directly. The one on the right is made of two intersecting objects. Obviously the latter saves on polygons, in this case 32 triangles vs 24. But there's a lot of additional pros and cons for doing this that I will try to list:
+fewer polygons
+easier to model
-more fill rate, the hidden pixels still have to be processed.
-rendering artifacts, the depth sorting will sometimes fail:

For example here the top and underlying faces are close together and have been colored, and when zooming out it starts to glitch like this:

There's a lot of situations when modeling when this is applicable, for example when adding details, do you stick them on as separate objects or try to model them from the main body? Armor plating, or clothes, is another area where this comes in.
Thoughts?