We have a solution of ~250 projects.
It is okay, after installing a patch for Visual Studio 2005 for dealing fast with extremely large solutions [TODO add link].
We also have smaller solutions for teams with selection of their favorite projects, but every project added has also to be added to the master solution, and many people prefer to work with it.
We reprogrammed F7 shortcut (build) to build the startup project rather than the whole solution. That's better.
Solution folders seem to address the problem of finding things well.
Dependencies are only added to top-level projects (EXEs and DLLs) because, when you have static libraries, if A is dependency of B and B is dependency of C, A might often not need to be dependency of C (in order to make things compile and run correctly) and this way, circullar dependencies are OK for compiler (although very bad for mental health).
I support having fewer libraries, even to the extent of having one library named "library". I see no significant advantage of optimizing process memory footprint by bringing "only what it needs", and the linker should do it anyway on object file level.