I am new to the pre-pharmacy program so I am not an expert, but I can tell you what I have experienced so far. I think the answer to your question really depends on what your concern is.
I spent 2 years attending a community college. Technically the college is a part of the university I am now enrolled at, so there is no confusion of transferring credits. Whether I take it at the main campus or community campus it all going into a cumulative transcript. I finished a 2-year degree at that college so I did all of my pre-reqs for the higher level classes there, but I had to transfer to the main campus for the higher level classes themselves.
I think community colleges are viewed as being on a lower level than universities, but I don't think that is true at all. My classes were taught by professors who were very knowledgeable. We used the same textbooks and curriculum as the main campus.
I also actually saved quite a bit of money this way. Tuition was lower at the community campus and there were a lot of fees we did not have to pay: parking, printing documents, etc.
Like I said, it really depends on what your concern is.