Here's my view, personally I don't think there's any reason why you shouldn't use multiple projects as long as you follow a few rules when creating them:
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I agree it can be done, but you better not be turning your staff over very fast because the learning curve on Vault is steep enough as it is with a single project.
well that depends on if your staff were using multiple projects with Inventor before Vault was implemented.
But I do agree that learning curve for Vault is steep, steeper than Autodesk/resellers may lead you to believe. But to be honest if the staff are willing it makes it so much easier however, that doesn't help them learn about some of the odd workflows and behaviours.
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