It lies at the opposite pole from All gods are one god.
All gods are distinct.
So Thórr ≠ Perún ≠ Perkunas ≠ Zeus ≠ Jupiter ≠ Indra ≠ Ba'al ≠ Changó?
Although, in a History of Religions sense, I can see a certain merit-of-convenience to the hyper-Distinct school of thought, I have to ask myself: just how far does this extend? Is African Changó a different god from Brazilian? Is the Thunderer of my valley existentially distinct from the Thunderer of your valley next door?
If dreary monism is the danger of “All gods are one god,” is not the danger of “All gods are distinct” atomization? Personally, when I see gods getting smaller and smaller, I worry.
Looking at pagan history, I note a pronounced tendency to look for one's own gods behind the masks of other people's.