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My two cents. I used to always split it up but now I am consolidated.
Reasons......
it is more affordable. only have to pay managed fees etc at one place. And by having them all in once place you are using more bandwidth and can probably get a bit better deal.
in the event the host goes out of business or decide to change companies, it would make a smoother transistion to have all your sites moved from one server.
if you use something such as a banner rotation script to serve all the banners on a network of sites etc, if that host is down but the other is up, then all the banners will be broken.
if you use a password trading service, you only need to pay for one license.
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