Question regarding number of projects and applications

I'm wondering what the pros and cons for creating a project area for each application under test versus one single project area for all applications. We have over 50 applications and some are very big. Currently. I have one project for all applications and it is hard to filter on the test assets for a specific application especially test scripts because they don't have categories. If I create a project area for each application, I will end up with too many projects.