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Ah the great resume debate. In fact there are 3 kinds of resumes that are appropriate depending on job you're looking for.

If you are applying for most jobs, the employer wants to know what you know. Get it all on one page in list format and be succinct, because they are probably sorting through hundreds of resumes quickly looking for keywords on who to call in for the next round.

If you are applying for some higher level jobs, like executive, some management, higher level engineering, consulting, then the employer wants to know what you've done. For these, you need to tell a story, because these resumes will be picked apart and read carefully. You're almost expected to have at least 2 pages, otherwise you look inexperienced.

The third kind of resume is for artistic jobs like design, then the employer wants to know who you are. Having a personal brand will set you apart from other candidates, and you don't need to follow the traditional resume format. Pages aren't so important, but a good designer can do a lot with one page.