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Here are some thoughts--Im not claiming this is an exhaustive or the ultimate authoritative list. However, check it out with an open mind and see if it applies to your situation.
Both have their pros and cons
Pro re BIG SITE
Control of traffic/centralized dumping ground
Onsite category filtering
Better mass of traffic to trade with your partners
Con
Too wide of a content spectrum
Can make you lazy re targetting traffic to niches (why work when you can just dump them on a big page and they filter themselves)
If there's no category filtering, traffic looking for certain niches is left unsatisfied
Multiple TGPs
Pro
Hook them up to a hub site and have your traffic filter themselves
Build and forget method--given the tons of FHGs out there, once you categorize them into niches and feed them into your database, you just need to put your script on rotation/autopublish
Allows you to build hundreds of sites--which can then trade with other sites and trade with each other
Con
You need to be more proactive re who you trade with so trade productivity is increased/maintained by being on niche.
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