I use several repositories -- though I admit that when it comes to organizing code, I've got a bit of OCD, and I like things to be very organized and distinct.
I manage the SCM repos at our company, and at present we've got three: one for the main projects, one for packages/libraries, and one for third-party code. If I were to do it again, I would have also made a separate repository for media files (we have lots of mp3/wav files that need to be in version control), but alas, they are under our main repo.
I think that the only strong argument for using multiple repositories (besides being obsessively organized) is that it makes it easier to deal with access rights for each of these repos, whereas depending on your SCM environment, this may not be so easy for multiple paths underneath a single repo.