What’s your favorite Subversion repository organization scheme?

I use Subversion for my source code management needs. Every project that I work on gets put into my Subversion account at my hosting provider even if I’m the only one that will ever work on it. Using Subversion has saved me from significant loss of work on a number of occasions, so there’s no way that I’d consider not using it. I’m considering bringing my Subversion hosting in-house to a VPS that I control and have been thinking about how I want to organize my repository.

I’ve seen two different methods of organizing the repository–having a separate repository for each project, and having one, master repository with separate directory for each project. I can see advantages and disadvantages for each. Separate repositories allow individual access controls and maps directly one to one with Trac projects. One consolidated repository makes administration easier by putting everything under one repository.

So, my question to you folks, is what organization method do you prefer and why? If you’d like to share your opinions, success/failure stories or other relevant info, please feel free to leave a comment below. Thanks in advance for your input.