Start the other way - by asking if 2 partitions is too much. You want to find out if your queries will do partition elimination at all. SQL Server 2005's partition elimination doesn't perform too well, and if you don't have the partitioned fields as part of your WHERE clause, SQL Server often scans every partition anyway. For example, if I've got my SalesDetail table partitioned on CustomerID, this may not do partition elimination:
SELECT *
FROM dbo.SalesReps sr
INNER JOIN dbo.Customers c ON sr.SalesRepID = c.SalesRepID
INNER JOIN dbo.Sales s ON c.CustomerID = s.CustomerID
WHERE sr.SalesRepID = 10
Even though SalesRep 10 only has a couple of customers, the engine isn't smart enough to build the list of matching customers first, then only query the Sales partitions for those customers. It's gonna hit every partition. So I'd recommend making sure your partitioning scheme works at all for your SELECT queries, and then if so, run with it. The more tightly refined you can get your partitions, the faster your read queries will run when they eliminate partitions.