The forms auth cookie could be path restricted for the admin-area, but that would give you some headache when dealing with the authentication, but might be possible to achieve.
Another option instead of using admin.hostname.com or anything like that, is to use a subapplication on /admin, however that wouldn't necessarily solve your problem.
We developed our web application as two different sites, mainly because we wanted the option to split the administration from the actual site, and also for scalability reasons. We wanted to be able to scale up the actual website in question, and not the administration part.
We have run into the following issues:
- Preview of content requires certain logic that can will need you to store the actual hostname for the site in some sort of configuration, in order to redirect the admin to the right site as well as dealing with some security-token etc because the user might not be authenticated on the site. This is much easier if you are on the same site (relative paths and the same authentication).
- Sites that can run on multiple webservers simultaneously (aka, web farm) needs to be designed with that in mind. It involves stuff like cache invalidation, configuration reloads or any other application stored data that might be "modified" in your administration interface. This, however, is a problem in any approach. But, if your site relies on any scheduled work or 3rd party integrations directly in your web application, it might render some issues if your administration site/system is running on multiple servers. Hence, it might be more appropriate to run the administration-system on a HA IIS failover cluster, but the actual website (which is prone to high loads) on a load balanced web farm. This separation of setups is in favor of separate sites.
I think that for scalability reasons, you should consider separating the concerns, however it all lies on the design of your application if this is possible or not. We are building a framework for a certain type of websites, meaning that the actual implementation of the design differs from each and every customer, but we wanted a standardized way to administrate the site, so it was the logical choice for us.