I like Tom's or Alex's answers, except they lack real rationale behind them
("easier to have one repository per development team" ?
"substantial numbers of people might be interested in pulling out (or watching changes to) separate apps"
why ?)
First of all, one or several repositories is an server-side administration decision (in term of server resources).
SVN easily sets up several repositories behind one server, whereas ClearCase will have its own "vob_server
" process per VOB, meaning: you do not want more than a hundred VOB per (Unix) server (or more than 20-30 on a Windows server).
Git is particular: setting a repository is cheap, accessing it can be easy (through a simple shared path), or can involved a process (a git daemon). The latest solution means: "not to much repositories accessed directly from outside". (they can be accessed indirectly through submodules referenced by a super-project)
Then there is the client-side administration: how complex will the configuration of a workspace be, when one or several repositories are involved. How can the client references the right configuration? (list of labels needed to reference the correct files).
SVN would use externals, git "submodules", and in both case, that adds complexity.
That is why Tom's answer can be correct.
Finally, there is the configuration management aspect (referenced in Alex's answer). Can you tag part of a repo of not ?
If you can (like in SVN where you actually make a svn-copy of part of a repo), that means you can have a component approach, where several groups of files have their own life cycle, and their own tags (set at their own individual pace).
But in Git, that is not possible: a tag references a commit which always concerns the all repository.
That means a "system-based" approach, where you only want the all project anyway (as opposed to the "watching separate apps - I've never observed it in real life" bit from Alex's answer). If that is the case (if you want the all system anyway), that is not important.
But for those of us who think in term of "independent groups of files", that means a git repository actually represents an individual group of files (with its own rhythm in term of evolutions and tagging), with potentially a super-project referencing those repositories as submodules.
That is not your everyday setup, so for independent projects, I would recommend only few or one Git repo.
But for more complex interdependent set of projects... you need to realize that by the very way Git has been conceived, a "repository" represents a coherent set of files supposed to evolve at the same pace as a all. And not "all" can always fit in one set of files (if "all" is complex enough). Hence, several repositories would be required in this case.
And a complex set of inter-dependent projects does happen in real life too ;)