In this paper, the concept of information diversity in both the space and frequency domains is investigated for multiple-input multiple-output (MIMO) radars with widely separated antennas. Compared to phased-antenna arrays and multistatic radars, they can exploit more degrees of freedom, allowing them to maximize the information content upon centralized data fusion, thus granting unprecedented target detection and localization capabilities.This analysis proceeds in parallel with the running progresses of microwave photonics (MWP), which could represent, in the near future, a new paradigm for the development of centralized MIMO radar architectures.Thus, understanding the implications of information diversity becomes essential to foretell the system effectiveness in detecting and resolving closely spaced targets, as well as in suppressing sidelobes which may lead to false alarms. Performance metrics are proposed and evaluated to characterize the effects that information diversity has on centralized MIMO radars with widely separated antennas. On the other hand, the proposed methodology could reveal precious for designing the optimum system configuration.