For the example alignment the following are equivalent; actually, the correct outer environment to use is equation, as the following code will show; using split or aligned for the inner environment in this case doesn't matter.
\documentclass{article}
\usepackage{amsmath,lipsum,geometry}
\geometry{margin=1cm}
\begin{document}
%\thispagestyle{empty}
\lipsum*[2]
%==================
% equation+aligned
\begin{equation}\tag{EA}
\begin{aligned}
x &= a + b\\
y &= c+ d
\end{aligned}
\end{equation}
\lipsum*[2]
%==================
% equation+split
\begin{equation}\tag{ES}
\begin{split}
x &= a + b\\
y &= c+ d
\end{split}
\end{equation}
\lipsum*[2]
%==================
% gather+aligned
\begin{gather}\tag{GA}
\begin{aligned}
x &= a + b\\
y &= c+ d
\end{aligned}
\end{gather}
\lipsum*[2]
%==================
% gather+split
\begin{gather}\tag{GS}
\begin{split}
x &= a + b\\
y &= c+ d
\end{split}
\end{gather}
\lipsum*[2]
%==================
% align+split
\begin{align}\tag{AS}
\begin{split}
x &= a + b\\
y &= c+ d
\end{split}
\end{align}
\lipsum*[2]
%==================
% align+aligned
\begin{align}\tag{AA}
\begin{aligned}
x &= a + b\\
y &= c+ d
\end{aligned}
\end{align}
\lipsum*[2]
\end{document}
In the output it's possible to see that the correct spacing is obtained with equation. Use align or gather only when there is really more than one equation to number.
One should also note that "equation+split" results in a different vertical spacing than "equation+aligned" (which isn't really expected).

overkillbecause you could actually replace allgatherandaligninstances withequationand get the exact same outcome. To really get a chance to distinguish between the pros and cons of the two setups, you need to make their structures a bit richer. (Currently, there's really not enough there to distinguish between them.) Please consider editing your MWE accordingly. – Mico Jul 19 '12 at 15:01split, and as @Mico says, the 1st one can use simpleequationinstead ofgather. – yo' Jul 19 '12 at 16:22splitboth lines would be numbered. – egreg Jul 19 '12 at 20:06