I've seen such design in my company.
A big mysql table is split into tens of smaller ones of identical schema on the same server in the same db, without any physical distribution, no innodb_file_per_table, no partitioning, etc. The data is distributed evenly and the read/write access pattern is uniform across all tables.
What's advantage of doing so performance-wise?
If your reads/writes are distributed evenly, I think there's no performance advantage. If you were write heavy and writing to, for example, just 2-3 of the tables - then you could benefit (see slides 28-34 of this presentation).
A few ideas about operational benefits:
Edit: one more thought: if the queries are executed in parallel, there might be performance benefits - you can get more IOPS from your RAID, and better localisation of multi-core system if the working set fits in the memory.