Using the orbit method we attempt to reveal geometric and algebraic meaning
of separation of variables for the integrable systems on coadjoint orbits in an
sl(3) loop algebra. We consider two types of generic orbits
embedded into a common manifold, endowed with two nonsingular Lie-Poisson
brackets. We prove that separation of variables on orbits of both types is
realized by the same variables of separation. We also construct the integrable
systems on these orbits: a coupled 3-component nonlinear Schr\"{o}dinger
equation and an isotropic SU(3) Landau-Lifshitz equation.Comment: 20 page