NO I AM NOT PITTING A GEAR AGAINST ANOTHER GEAR. And also searchbarred and found nothing.

I am quite interested in knowing if a Multi FX should suffice for one's guitar effects need. For example, I have a Zoom G1X with ED Distortion and some cheap wah. However, does one feel limited with having what is within that Multi? It has a compressor, delay, reverb, EQ and volume pedal (heck, even modulation, wah, phaser). It would only cost a fraction of purchasing all of those effects in analog.

So, is there an advantage in getting a pedalboard or should a multi FX suffice?

NOTE: I never saw any of my favorite artist use a multi FX. Maybe cause they're rich. hahaha.
Well, if you're just starting out, it's never a bad idea to get a multi-effects pedal to see which effect produces what sound and whatnot. Back when I started, I've always wondered about the same thing. I guess later on, you'll develop a want or need for a more specific sound, then that would probably be a good time to start building your pedalboard.

To answer your question, yes, there is an advantage to building your own pedalboard. BUT, that's not to say that multi-effects pedals/rigs are bad.
So far, the only reason I have wanted to buy an analog is to get a better wah (ie Ibanez Weeping Demon). But I have no qualms with regarding the distortion and EQ.
I have some high-end pedals (e.g., $500 delay), and based on my sound it blows away any multi-effects unit I have tried or owned. Quality pedals simply sound more full and detailed (less thin as with a multi-effects unit... then again, the multi has many things in one unit at a fraction of the price... you get what you pay for). Having said that, and I haven't tried it, there are those who swear by the Fractal Axe FX systems. The cost of such is a good $2500, although it may be a bit less here and there. But if you add up all my pedals, you're likely looking at $2500 vs. $2500 Fractal system. Do you get the pattern? A $2500 multi that is as good as $2500 in quality pedals. Likewise, I have a Line6 POD X3 Live (no longer use it) that is just as good as a string of cheaper pedals that, when tallied up, cost as much as my POD... but my POD does not sound as good as the high-end pedals that (when tallied up) costs about 3x my POD. Sometimes a crappy pedal can be expensive, and a cheap pedal can sound pretty darn good, but by and large you get what you pay for. If you're that hung up on a multi, save your pennies and get what Vai, Petrucci and many others use... a Fractal Axe FX.
Single pedals generally sound much better then most multi effects. Not saying multi effects are bad, but that's usually the general consensus.

Also, single pedals aren't called "analog pedals". That's something completely different.
multi fx do an OK job with a lot of things. single pedals do a great job (usually) at doing just one thing.

when your just starting out multi fx units are great because you can experiment with a ton of effects. but later on you'll come to the realization that you don't' need ALL of those effects and you'll end up purchasing a few pedals that do exactly what you need