Hi Neil,
As far as I understand, whenever you are using a Get next Item action, the process will not pick up any of the deferred items, but only the ones which are pending but not deferred. So, the process need not check from the deferred date if it has to process that item or not.
However, managing deferred data in the same queue is quite complex and a lot of logic needs to be built around ensuring that items are picked correctly. From a controller point of view, he/she can easily see outstanding work in each Work Queue and reallocate robots accordingly, in case different queues are used for normal items and deferred items.This will be easier to build, test and support.
However, from a reporting point of view, the multiple queues approach does not provide a single view to generate reports and related MI, which is not the issue in deferring items in the same queue.