The only 'good' reason that one might want to do this is in a situation where you need more than 2 phase conductors and are limited to common ga-2 or ga-3 NM cable assemblies.
Not introducing large current loops is IMHO a good thing, but I don't see a significant problem with two NM cables running side by side, with the neutral in one cable and the corresponding phase conductors in the other.
-Jon
