[whpalmer4]

It is possible to use either approach (folder full of projects, or giant project with sub-projects, or even a combination). One advantage of separate projects is that you get to use all of the tools for scheduling, reviewing, etc. With the sub-project approach, you lose some of that flexibility. On the other hand, if you need to have complicated interdependencies (can't do this thing until that thing in another project is done), it is easier to express such relationships in a single project. Adding new actions to the multiple projects approach is easier because the names are visible in the inspector, whereas with the sub-project approach you have to do drag and drop.

One nice thing about OmniFocus is that your choices are rarely cast in stone. You can switch between these approaches fairly easily, with no loss of data.