Dual regulators for single rail?

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Any comments on the attached schematic? It seems to me that this design would better reject common mode noise in the AC, but I don't know enough to be sure. I don't remember ever seeing such a scheme shown in a schematic, but I don't know if that means it's pointless or if that as parts count go up, a designer will forgo a 3 terminal regulator in favour of discrete components.
 

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