At this very moment, i'd very much prefer role-based captaincy in every format so won't mind 3 different captains for all 3 formats.
Indian squad for the South African tour. I was thinking about spilt captaincy in each format and they are heading in the same direction. Although i believe atm it's a monkey balancing act as far as the White ball (T-20/ODI) format is concerned. SKY is just a temp skipper because Pandaya ( or a senior player like Rohit) is not there and it also indicates that they are not looking at Iyer as an option for T-20 skipper, despite him being in the squad.
For ODI they went with KL, IMO it would be too early to make any assumption about it as ODI is not relevant right now. Test captaincy was obvious so not a brainer.
I would have rather preferred Shreyas Iyer as the ODI captain, but they chose KL Rahul instead. I am following Rahul's performance for the past several years, and he has failed at both international level and in IPL. Ideally Shreyas or some of the other promising players such as Hardick, Ishan or Shubman could have been given the chance, but the selectors don't want to do that. Also, congratulations to Sanju Samson. He got included in the ODI squad. At least now his rabid fans would stop booing the Indian team whenever they play in Kerala.
I think we shouldn't mix the format if we are discussing or analyzing any player be it a bowler or batter.
In ODI he's performing consistently. In the Test not consistent but made a wonderful ton in the last South African tour, hence in the test squad. As far as T-20 is concerned, he's just bad and shouldn't be in 15 men's squad, maybe keep him in the 18-20 men's squad, that's it. So overall it's a mixed bag.
Regarding captaincy debate
At this very moment, i'd very much prefer role-based captaincy in every format so won't mind 3 different captains for all 3 formats. Virat and Rohit have already set the formula for ODI and Test formats. In this WC everyone had their set roles in every slot and it almost paid off. We already know what Virat's lead test team did in the last 6-7 years, results are there for everyone to see.
Pant's spot is not fixed in the T-20 Playing XI or in some cases squad. There is so much competition for middle-order (now top order too) WK batsman who can play the finisher role so IMO he's not a strong candidate in the T-20, and the same with the ODI format if KL and Kishan are in good nick.
KL could possibly fit the captaincy role in test and ODI if he gives up his dream of becoming an opener (That's where (Top-3) everyone wants to bat because it's glamorous and a marketable spot in terms of money and deals). He should bat in the middle order (similar to the last ODI WC) and must work on his Keeping. As far as T-20 goes, as an opening/middle order batter, his spot is also not secured in the playing XI. The point is for his survival he needs to become a WK batter. Also, he's too depressed to lead the team in T-20 (maybe ODI too), you need attacking cricket in a short format.
Pandaya actually did a satisfactory job in his T-20I captaincy gig, if he's fit then he should get a long rope. Shreyas has a perfect attitude for captaincy but his fitness is shaky due to back injuries so it's a tricky situation as you don't want your captain to break down in mid series.
Or maybe keep playing dumb charades in T-20 for a couple of months and when the WC comes, hand over the captaincy to Rohit, it won't be a bad idea as T-20 WC is around the corner.