Why is the bottom configuration incorrect? It would save me so much time and effort.
The top figure is what the LED wizard suggested. Also, LEDs usually come wired 3 at a time.
If I were to put a resistor before the split, then I would save myself the trouble of putting a resistor for each three.
Is there a missing element?
I don't see anything wrong. All you need to worry about is doing the maths right when you pick your resistor.
if anything, the one single larger ohm resistor might produce more heat than the multiple smaller ohm resistors. Other than that everything should be ok.
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something to do with forward voltage required to fire the diode iirc. Plus assuming your leds are 3.3v they would need more load to equalize the input voltage.